Treatment data

Vela Technologies shares uptick in positive coronavirus treatment data

By Joe Hoppe

Shares of Vela Technologies PLC rose on Monday after the company said data from a clinical trial for a potential coronavirus treatment it had invested in had shown positive results.

Shares at 0821 GMT rose 12% to 0.04 pence.

The investment firm said the Phase 2 trial, led by St George Street Capital, found adding the drug AZD1656 to standard care led to fewer deaths and earlier hospital discharges in more than 150 coronavirus patients with diabetes than those using placebo treatments.

No patient receiving the treatment died during the first week, compared to six deaths in the placebo group. Thirty treated patients were discharged from hospital within seven days of admission, compared with 18 who received placebo.

St George Street is in commercial discussions with potential licensees and partners and believes the AZD1656 treatment has the potential to generate significant long-term revenue, he said.

Vela acquired a stake in coronavirus treatment, which is aimed at diabetics in October 2020, making an investment of 2.4 million pounds ($3.2 million). Under the agreement, St George Street will pay Vela 8% of proceeds received in excess of £19.2 million, net of fees.

Write to Joe Hoppe at [email protected]