Further to the update released by Vela on 18 August 2021, which noted that the ARCADIA clinical team would publish a report on the results of the clinical trial to test SGS002 (“the Asset”) on 6 September 2021.
The Board of Vela has been informed by St George Street Capital Limited (“SGSC”) that it now intends to publish the results of the trial no later than 10 September 2021.
The Asset is a drug that could be beneficial to diabetic patients suffering from COVID-19 and SGSC is working closely with Excalibur Medicines Limited (“EML”) on the research project.
Details of Vela’s economic interest in the potential commercialisation of the Asset, the Asset and the ARCADIA trial were included in the announcement published by Vela on 20 October 2020.
SGSC holds 1,100,000,000 ordinary shares in Vela, representing 7.13 per cent. of Vela’s issued share capital. SGSC’s ordinary shares are subject to a lock-in agreement until the successful completion of Phase II of the ARCADIA trial, or for a period of two months following completion of the ARCADIA trial, should the outcome of the trials not meet the minimum threshold.
For further information, please contact:
Vela Technologies plc
Brent Fitzpatrick, Non-Executive Chairman
James Normand, Executive Director
Tel: +44 (0) 7421 728875
About Vela Technologies plc
Vela Technologies plc (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. Vela’s investee companies have either developed ways of utilising technology or are developing technology with a view to disrupting the businesses or sector in which they operate. Vela Technologies will also invest in already-listed companies where valuations offer additional opportunities.
