Inclusion Criteria:

• Males or females between 18 and 60 years of age (inclusive).
• Clinical diagnosis of mild or moderate persistent asthma in accordance with the Global Initiative for Asthma (GINA) criteria
• Have had a history of asthma for a minimum of 6 months prior to entry into the study
• Subjects must be current cigarette smokers with a minimum five-pack-year smoking history
• Baseline FEV1 that is greater than 50% predicted; and reversibility of 12% or more at screening, washout or randomisation.
• Capable of providing signed written informed consent and complying with all the specified study procedures.

Exclusion Criteria:

• Asthma exacerbation or a respiratory tract infection within four weeks of screening.
• Type 1 or type 2 diabetes mellitus.
• Women who are lactating, pregnant, or planning to become pregnant.
• Clinically significant renal or hepatic laboratory values (e.g. AST/ALT/total bilirubin/AP > 2.5 times normal values).
• Anaemia (< 11 g/dL for males or < 10 g/dL for females)
• Contraindications to treatment as outlined in any of the product labels
• Prior history of severe oedema or serious fluid related event (e.g., heart failure) associated with any TZD
• The subject has a history of significant hypersensitivity to study drugs
• Presence of unstable or severe angina or congestive heart failure (NYHA class III/IV) or evidence or history of known congestive heart failure (NYHA class I-IV) or an abnormal electrocardiogram (ECG), as determined by the Investigator, or subjects who have had new cardiac events (such as MI, new CHF, PTCA, CABG) within 6 months of screening.
• History or suspicion of current drug abuse or alcohol abuse within the last 6 months.
• History suggestive of active infection or non-asthma lung pathology
• Clinically significant renal disease, metabolic syndrome, cirrhosis (Child-Pugh Class B/C), hypertension or any other clinically significant cardiovascular, neurological, endocrine, or haematological abnormalities that are uncontrolled on permitted therapy.
• Risk factors for human immunodeficiency virus (HIV), hepatitis B or hepatitis C infection at Screening (Visit 1)
• Subjects who are morbidly obese, defined as having a body mass index (BMI) > 40 kg/m2
• Unable to perform spirometry

• Subjects who require treatment with any of the following asthma medications from Screening (Visit 1) until study completion:

  • Inhaled cromolyn sodium or nedocromil;
  • Ipratropium bromide;
  • Xanthines (theophylline preparations);
  • Leukotriene modifiers;
  • Long-acting inhaled beta2-agonists (salmeterol, formoterol);
  • Oral beta2-agonists.
• Treatment with oral, intravenous or intra-articular corticosteroids within 6 weeks of Screening or thereafter.
• Subjects who have been taking in excess of 1000 μg daily of beclomethasone (or equivalent) within 6 weeks of Screening