RE: 2nd RNS OUT20 Oct 2020 08:33
Highlights
· Vela (AIM: VELA) has acquired an economic interest in a late-stage Phase II therapeutic project to develop a potential coronavirus treatment for diabetics
· Strategic partners in the project include, amongst others, a major global pharmaceutical company, UKRI - UK Research and Innovation, Professor Sir Christopher Evans and Mubadala - the UAE sovereign wealth fund
· Following completion of a £10.3 million investment in August 2020, the project is now fully funded with results of current Phase II trial expected in Q2 2021
· Consideration of £2.35 million satisfied by Vela raising £1.25 million via a placing of new ordinary shares at 0.065 pence per share and the issuance of 1,100,000,000 locked-in consideration shares at a price of 0.1 pence per share