- 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

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