The following announcement replaces the notification released on 08 April 2021 at 4.00 p.m. under RNS number 8839U. The percentage figure in paragraph 4, line 1 referencing SGS's shareholding in Vela has been corrected to 7.95%. The corrected announcement is set out below and all other details remain unchanged.

Vela Technologies plc

("Vela" or "the Company")

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

The Board of Vela notes the update published yesterday evening by St George Street Capital Limited ("SGS") on the status of the ARCADIA clinical trial to test SGS002 ("the Asset"), a drug that could be beneficial to diabetic patients suffering from COVID-19.

The full announcement can be found in the News segment of the SGS website (https://www.sgscapital.org/#news) and is copied below.

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.

SGS holds 1,100,000,000 ordinary shares in Vela, representing 7.95 per cent. of Vela's issued share capital. These ordinary shares are subject to a lock-in agreement until the successful completion of Phase II 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.

The update issued by SGS is reproduced in full below:

Covid-19 Trial Update - 07/04/2021

St. George Street is pleased to update on the status of the ARCADIA clinical trial, a randomised, placebo-controlled clinical trial to assess the safety and efficacy of AZD1656 in patients with either Type 1 or Type 2 diabetes and admitted to hospital with COVID-19. The trial, which is sponsored by the UK charity St George Street, is nearing completion having successfully recruited 144 (to-date) of the planned 150 patients across a total of 16 UK hospital sites, 8 Romania sites and 7 Czech Republic sites. During the study to date, two subjects withdrew consent before receiving the study drug, so have been replaced according to the protocol.

The enrolment target is expected to be met in April 2021. The final study visit ('Last Patient Out' date) will be no more than 28 days after completion of enrolment. Once the final study visit has taken place, the timelines for database lock and the reporting of the initial study results will be communicated. At this time, it is estimated that initial results will be available by the end of June 2021, with the full results available approximately 8 weeks thereafter.

Subject to successful indications in June 2021 about the outcome of the study, conversations about commercialisation and potential license deals with third parties will commence at that time.

The mechanism of actions of AZD1656, both blood glucose lowering and potential immunomodulatory action, are independent of viral mutations. AZD1656 activates glucokinase, which is expected to increase the migration of T regulatory cells in addition to reducing blood glucose. Reducing hyperglycaemia (high blood glucose) is increasingly seen to be important to improve outcomes in people with diabetes and COVID-19. Migration of regulatory T cells is expected to dampen down the hyperinflammation seen in the lungs, for instance, that results in severe COVID-19.

Dave Tapolczay, CEO of St George Street said 'I am delighted with the progress of the ARCADIA trial in the UK and the speed of regulatory approval and subsequent patient recruitment in Czech Republic and Romania. We are excited to look forward to the next steps as we near completion of the clinical trial.'

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About Vela Technologies   

Vela Technologies (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 also invests in existing listed companies where valuations may offer additional opportunities.