Vela Technologies PLC on Thursday announced it entered into a put option deal for the right to sell its commercial interest in AZD1656, a Covid application.

The company said it could sell it for £4.0 million. The option is being granted by Conduit Pharmaceuticals Ltd, a clinical stage speciality biopharmaceutical company focused on unmet medical needs in the areas of autoimmune disease and idiopathic male infertility.

Vela shares shot up 49% to 0.024 pence each in London following the announcement on Thursday afternoon.

Vela Executive Director James Normand said: ‘Vela is pleased to have gained, through this transaction with Conduit Pharmaceuticals, the potential to convert an illiquid asset into shares in a publicly listed vehicle. Should the merger between Conduit and Murphy conclude and the option be exercised, Vela will then be in a position to monetise its investment in St George Street Capital, following which it would intend to redeploy such cash proceeds in accordance with its investing policy.’

Vela Technologies is a Bingley, England-based investing company focused on early stage and pre-IPO long term disruptive technology investments.

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