MALVERN, PA — Annovis Bio, Inc. (NYSE: ANVS) has announced the completion this week of its underwritten public offering, generating $21 million in gross proceeds. The offering consisted of 5,250,000 shares of common stock and warrants to purchase an equal number of shares, priced at $4.00 per share and accompanying warrant. The warrants, exercisable immediately at $5.00 per share, remain valid for five years from the date of issuance.
The proceeds from the offering will primarily support the continued clinical development of Buntanetap, the company’s lead compound currently in a Phase 3 study for Alzheimer’s disease. Additionally, the funds will be allocated toward working capital and general corporate purposes, according to the company.
ThinkEquity served as the sole book-running manager for the offering.
This funding highlights Annovis Bio’s commitment to advancing its innovative therapeutic developments in Alzheimer’s treatment. The strategic allocation of resources toward the Buntanetap clinical program underscores the company’s focus on addressing critical needs in neurodegenerative disease research.
With the bolstered financial resources, Annovis Bio is well-positioned to accelerate its work in Alzheimer’s research, aiming to make significant strides in combating one of the most devastating neurodegenerative disorders affecting millions worldwide. This latest milestone marks an important chapter in the company’s efforts to deliver impactful solutions for patients and their families.
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