REG - Vela Technologies - Update re. St George Street Capital COVID-19 trial

Vela TechnologiesAnnouncement

14/12/2021 07:00

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RNS Number : 5114V  Vela Technologies PLC  14 December 2021

14 December 2021

 

Vela Technologies plc

("Vela")

Update re. St George Street Capital Limited COVID-19 trial

Further to the update released by Vela on 9 September 2021, the Board of Vela
(AIM: VELA) has been informed by St George Street Capital ("SGSC") that the
Clinical Study Report ("CSR") from the ARCADIA Phase II clinical trial has
been completed. SGSC are undertaking commercial discussions with potential
licensees and partners and examining options for the next stage of the
development and approval process. The finalisation of the CSR formally marks
the end of the ARCADIA trial.

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.

James Normand, Director of Vela, commented: "The board of Vela is delighted to
be informed of this significant development in what is the Company's most
material investment. We note that SGSC is now moving forward with the proposed
commercialisation of the AZ1656 drug and we look forward to positive news on
this process in the near future."

Full details of the joint press release issued today by SGSC and Excalibur
Medicines Ltd, a biotechnology investment company, is extracted below. The
Asset is referred to in the press release below as AZD1656:

 

St George Street Capital, a UK-based biomedical charity, and Excalibur
Medicines Ltd., a biotechnology investment company, are pleased to announce
the completion of the Clinical Study Report from the ARCADIA Phase ll clinical
trial which was conducted to assess a therapy that could treat diabetic
patients suffering from COVID-19.

St George Street Capital and Excalibur are now undertaking commercial
discussions with potential licensees and partners, and examining options for
the next stage of the development and approval process. Further analysis to
determine the precise nature of the biological effects of AZD1656 that explain
the observed clinical outcomes will also be conducted.

The finalisation of the CSR formally marks the end of the ARCADIA trial. The
trial data has shown the following:

Efficacy: A strong trend towards reduced mortality in patients receiving
AZD1656. The strong trend to improved mortality for patients on AZD1656 was
observed on top of patients receiving other medication, including
dexamethasone, as part of standard of care.

Safety and tolerability: AZD1656 was shown to be well-tolerated in this
patient population with no serious adverse reactions (SARs) occurring.
Overall, no safety concerns were identified regarding the use of AZD1656 in
this patient population.

Diabetes, whether type 1 or 2, has been the leading single cause of
co-morbidity during the pandemic and one in three of all deaths with COVID-19
in hospital in England have been associated with diabetes.

Professor John Martin of UCL, Chairman of St George Street Capital and PI on
the Innovate UK grant awarded said: "The completion of the Clinical Study
Report is a major milestone and we are encouraged by the trial findings which
indicate that AZD1656, a simple oral tablet, has the potential to become a new
treatment for COVID-19 - independent of viral mutations - initiating a new
wave of therapies for clinicians in meeting this global challenge."

Professor Sir Chris Evans, chairman and CEO of Excalibur Healthcare Services,
the parent company of Excalibur Medicines Ltd., said: "We are delighted to
have played our part arranging this trial and this report confirms the great
potential of AZD1656 to help people who remain vulnerable to COVID-19."

 Notes to editors:

About the ARCADIA Trial

AZD1656 was identified by St George Street Capital as a potential treatment
for people with diabetes infected with COVID-19.

The objectives of the ARCADIA clinical trial were to assess the safety and
tolerability of a glucose kinase activator, AZD1656, and to determine the
effect of the therapy on clinical improvement and mortality in people with
diabetes hospitalised with COVID-19. The trial also explored whether AZD1656
benefits COVID-19 patients via its effects on immune function.

ARCADIA was a randomised, double-blind, placebo-controlled Phase II clinical
trial involving 153 patients. ARCADIA was funded by international investment
through Excalibur Medicines Ltd, including the Mubadala Sovereign Wealth Fund
and an HM Government grant through the UKRI/Innovate UK programme.

 

 

 

For further information, please contact:

 

 Vela Technologies plc                                          Tel: +44 (0) 7421 728875

 Brent Fitzpatrick, Non-Executive Chairman

 James Normand, Executive Director

 Allenby Capital Limited (Nominated Adviser and Joint Broker)   Tel: +44 (0) 20 3328 5656
 Nick Athanas/Piers Shimwell

 Peterhouse Capital Limited (Joint Broker)                      Tel: +44 (0) 20 7469 0930
 Lucy Williams / Duncan Vasey / Eran Zucker

 

About Vela Technologies

 

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.

 

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