Inclusion Criteria:  Signed informed consent consistent with ICH-GCP guidelines and local legislation prior to participation in the trial; Scheduled for lung volume reduction surgery for emphysema as determined by a referring chest physician; Pre-bronchodilator measured FEV1 between 20% and 45% predicted; TLCO between 30% and 45% pred.; RV/TLC ≥ 50%; Patients in a stable clinical condition.  Exclusion Criteria:  Significant cardiac failure; Active smoking, or < 6 months smoking cessation; Failure to complete pulmonary rehab program before randomization Women of child bearing potential; Any cancer treated in the previous 5 years; Women of child-bearing potential not using adequate contraception; Any other condition of the patient that the clinical investigator deemed harmful for study participation.