Last checked at 9 Jul 2021 10:53
9 July 2021
Vela Technologies plc
("Vela" or "the Company")
Update re. St George Street Capital Limited COVID-19 trial
Further to the update on 8 April 2021, the Board of Vela notes the recent update published by St George Street Capital Limited ("SGS") 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 ARCADIA trial has completed its patient enrolment and dosing and has successfully completed the process of data collection and collation. The final formal report with the results of the trial is expected in late August 2021.
At this time, SGS and Excalibur Medicines Ltd ("EML") have begun the process of progressing commercialisation plans, subject to the trial data being successful. Analysis is based broadly on a combination of the anticipated mechanism of the drug and the relevant data from the trial endpoints - reduction in mortality, slowing in disease progression, glycaemic and inflammatory reduction.
EML, a subsidiary of Excalibur Healthcare Services, a company founded by Sir Professor Christopher Evans, is working closely with SGS on the research project.
Another area investigated during the trial, which could be attractive if the data proves it, is the possible up-regulation of T-reg cell activity which could be shown from plasma analysis of those receiving the drug. This could promote long term immunity beyond the normal life of a vaccine.
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 7.95 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.
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.