Vela Technologies invests £2.35m in company developing Covid-19 treatment

Tue, 20th Oct 2020

Technology investor Vela Technologies said it had tipped £2.35 million into a company developing a potential Covid-19 treatment for diabetic patients. Vela said it was funding the investment via a £1.25 million placing, at 0.1p per share. It had acquired an economic interest in UK-based medical-charity St George Street Capital, which would pay Vela 8% of sale proceeds in excess of £19.2 million, after certain deductions. St George Street was proposing to recruit up to 150 patients for a clinical trial to test the treatment SGS002, which it estimated would take five months to complete. Vela said St George Street was working to a compressed timescale, given the urgency of the Covid-19 situation, and anticipated reaching clinical stage in early May 2021. Separately, Vela also booked pre-tax losses for the six months through September of £63,000, compared to losses of £258,000 year-on-year. At 9:07am: (LON:VELA) Vela Technologies share price was +0.01p at 0.08p Story provided by StockMarketWire.com

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