This study will assess the safety and efficacy of a range of oglemilast doses. The study will be 14 weeks in duration. All patients meeting the eligibility criteria will be randomized to one of three doses of oglemilast or placebo.

Inclusion Criteria:

• Presence of COPD as defined by GOLD criteria (2006); post-bronchodilator FEV1/FVC <70%, and post-bronchodilator FEV1 >30% and < 80% predicted
• Current or former cigarette smoker

Exclusion Criteria:

• Long-term oxygen use of > 15 hours a day
• Symptoms consistent with a significant asthmatic component (e.g. atopic disease, allergic symptoms)
• Any COPD exacerbations within 30 days prior to study entry or during run-in
• History of chronic or recurrent gastrointestinal disorder associated with bleeding in previous 12 months
• Presence of clinical significant pulmonary disease other than COPD