Vela Technologies Share News (VELA)

(Alliance News) - Vela Technologies PLC noted a positive outcome on Monday for a Covid-19 therapy trial by Herfordshire, England-based medical charity St George Street Capital Ltd.

The Bradford, England-based investment company focused on early-stage and pre-IPO disruptive technology investments said that the trial had shown that the addition of AZD1656 treatment to standard care resulted in fewer deaths and earlier hospital discharge in Covid-19 patients than a placebo treatment.

AZD1656 was originally developed by AstraZeneca PLC. In August 2019, St George Street acquired the right to develop and commercialise two assets from a major global pharmaceutical company, one of which includes the licence to a drug that could be beneficial to diabetic patients suffering with Covid-19.

Vela paid GBP2.4 million for an 8% economic interest in this asset in October 2020.

Director James Normand said: "This update from SGSC indicates that the promise shown by earlier test results (which we have reported on previously) is being maintained. We are pleased that the latest analysis of the results of the study of the application of the AZD1656 treatment is sufficiently encouraging to result in active engagement with potential commercial partners; and thus to vindicate our decision to invest. We remain confident that the AZD1656 treatment has the potential to show a healthy return for SGSC and therefore for Vela."

By Heather Rydings; heatherrydings@alliancenews.com

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