Eligibility Criteria:
Inclusion Criteria
* Females of childbearing potential who are sexually active must agree to use adequate contraception, and can neither be pregnant nor lactating from Screening throughout the duration of the study.
* Clinical history of chronic obstructive pulmonary disease and a confirmatory diagnosis based on pulmonary function tests at screening.
* Moderate: forced expiratory volume in one second/ forced vital capacity less than 70% and forced expiratory volume 135-75% of predicted.
* Post-bronchodilator forced expiratory volume in one second change from baseline of less than 12%.
* Negative chest x-ray at screening, other than findings consistent with mild to moderate chronic obstructive pulmonary disease, within the last 6 months.
* Arterial oxygen saturation during sleep greater than 85% for at least 99% of the recording period, with no arterial oxygen saturation readings less than 80% as assessed by pulse oximetry at polysomnography screening.
* Arterial oxygen saturation during wakefulness greater than 91% (both supine and sitting) as assessed by pulse oximetry at screening.
* Habitual bedtime is between 8:30 p.m. and 12:00 a.m.
* Body mass index between 18 and 34, inclusive.
* Agrees to remain in the study center for three overnight stays.
Exclusion Criteria:
* Known hypersensitivity to ramelteon or related compounds, including melatonin.
* Known hypersensitivity to Ventolin® or related compounds.
* Previously participated in a study involving ramelteon.
* Participated in any other investigational study and/or taken any investigational drug within 30 days or five half-lives prior to Day 1 of study medication, whichever is longer.
* Clinical history of acute or chronic respiratory failure, severe chronic obstructive pulmonary disease, or hypercapnia (Partial Pressure of Oxygen in Arterial Blood greater than or equal to45 mmHg).
* History of or currently has right ventricular hypertrophy on electrocardiogram or right heart failure.
* Periodic leg movement with arousal index (per hour of sleep) greater than 20 as seen at polysomnography screening.
* Apnea hypopnea index greater than 15 as seen at polysomnography screening.
* Acute clinically significant illness within 2 weeks or has been hospitalized within 4 weeks of study participation.
* Sleep schedule changes required by employment within three months prior to Day 1 of study medication, or has flown across greater than three time zones within seven days prior to screening.
* Participated in a weight loss program or has substantially altered their exercise routine within 30 days prior to Day 1 of study medications.
* History of seizures, sleep apnea, restless leg syndrome, period limb movement disorder, other known sleep disorders, schizophrenia, bipolar disease, mental retardation, or cognitive disorder.
* History of psychiatric disorder within the past 12 months.
* History of drug addiction or drug abuse within the past 12 months.
* History of alcohol abuse within the past 12 months and/or regularly consumes 4 or more alcoholic drinks per day.
* Unable to discontinue the use of hypnotics for the duration of the study.
* Any clinically important abnormal finding, other than chronic obstructive pulmonary disease, as determined by medical history, physical examination, electrocardiogram, or clinical laboratory tests, as determined by the investigator.
* Current significant neurological, hepatic, renal, endocrine, cardiovascular, gastrointestinal, pulmonary, hematologic, or metabolic disease, unless currently controlled and stable with protocol-allowed medication 30 days prior to Day 1 of study medication.
* Hematocrit value greater than 55% at screening.
* Positive hepatitis panel.
* Any additional condition(s) that in the Investigator's opinion would:
* affect sleep-wake function
* prohibit the subject from completing the study
* not be in the best interest of the subject
* Is required to take or continues taking any disallowed medication, prescription medication, herbal treatment or over-the counter medication, including:
* Anxiolytics
* Hypnotics
* Antidepressants
* Anticonvulsants
* Sedating H1 antihistamines
* Systemic steroids
* Decongestants
* Over-the-counter and prescription stimulants
* Over-the-counter and prescription diet aids
* Central nervous system active drugs and narcotic analgesics
* Lipophilic beta blockers
* Melatonin
* St. John's Wort
* Kava-kava
* Gingko biloba