Vela confirms slight delay to Arcadia clinical trial report

Vela Technologies announced a delay to the results of the clinical trial of ‘SGS002’ on Monday, to 10 September.

The AIM-traded firm had said in August that the Arcadia clinical team was planning to publish its report on the results of the trial to test SGS002 on 6 September .

On Monday, Vela’s board said it had been informed by St George Street Capital (SGSC) that it now intended to publish the results of the trial no later than 10 September.

The company described the asset as a drug that could be beneficial to diabetic patients suffering from Covid-19, with SGSC working “closely” with Excalibur Medicines (EML) on the research project.

“SGSC holds 1.1 million ordinary shares in Vela, representing 7.13% of Vela's issued share capital,” the board said in its statement.

“SGSC's ordinary shares are subject to a lock-in agreement until the successful completion of phase 2 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.”

At 1535 BST, shares in Vela Technologies were up 5.56% at 0.1p.