Last checked at 18 Aug 2021 07:00
18 August 2021
Vela Technologies plc
("Vela" or "the Company")
Update re. St George Street Capital Limited COVID-19 trial
Reminder concerning expiration of warrants
Update re. St George Street Capital
Further to the update released by Vela on 9 July 2021, the Board of Vela notes the recent update published by Excalibur Medicines Limited ("EML") on the status of the ARCADIA clinical trial to test SGS002 ("the Asset"), a drug that could be beneficial to diabetic patients suffering from COVID-19. The Company had previously announced that the final formal report with the results of the ARCADIA trial was expected in late August 2021.
The update published yesterday by EML advises that the ARCADIA clinical team will publish a report on the results of the trial on 6 September 2021.
EML, a subsidiary of Excalibur Healthcare Services, a company founded by Professor Sir Christopher Evans, is working closely with St George Street Capital Limited ("SGS") 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.
SGS holds 1,100,000,000 ordinary shares in Vela, representing 7.84 per cent. of Vela's issued share capital. SGS'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.
Reminder concerning placing warrants
The Board of Vela would also like to remind any holders of the placing warrants issued in August 2020, as originally announced on 31 July 2020, that these will expire on 1 September 2021. There has been no change to the terms of these warrants as set out in the 31 July 2020 announcement.
For further information, please contact:
Vela Technologies plc Brent Fitzpatrick, Non-Executive Chairman James Normand, Executive Director
| Tel: +44 (0) 7421 728875 |
Allenby Capital Limited (Nominated Adviser and Joint Broker) | Tel: +44 (0) 20 3328 5656 |
Nick Athanas / Piers Shimwell
| |
Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey / Eran Zucker | Tel: +44 (0) 20 7469 0930 |
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.