Annovis Bio Inc. (NYSE: ANVS), a Phase 3 clinical-stage biotechnology company, announced the pricing of an underwritten public offering expected to raise approximately $21 million in gross proceeds. The offering consists of 19 million common shares, pre-funded warrants to purchase up to 2 million shares, and accompanying warrants to purchase up to 21 million shares. The combined offering price is $1 per common share and accompanying warrant, or $0.9999 per pre-funded warrant and accompanying warrant. The warrants have an exercise price of $1 per share and expire five years after issuance. The offering is expected to close on or about Nov. 6, 2026, subject to customary closing conditions, with Canaccord Genuity acting as sole bookrunner.
Annovis intends to use the net proceeds to support continued clinical development of its investigational oral therapy buntanetap for Alzheimer's disease and Parkinson's disease, as well as for working capital and general corporate purposes. Buntanetap is a once-daily oral therapy that inhibits the translation of multiple neurotoxic proteins, including APP and amyloid beta, tau, alpha-synuclein, and TDP-43, through a specific RNA-targeting mechanism of action. By addressing the underlying causes of neurodegeneration, Annovis aims to halt disease progression and improve cognitive and motor functions in patients.
The offering's importance lies in its potential to accelerate the development of a drug that could address the underlying causes of Alzheimer's and Parkinson's, diseases with significant unmet medical need. If buntanetap proves effective in clinical trials, it could represent a novel approach to treating neurodegenerative disorders, which currently have limited disease-modifying therapies. For investors, the offering dilutes existing shares but provides necessary capital to advance the company's lead candidate. The offering excludes potential proceeds from warrant exercises and is before deducting offering expenses.
Annovis Bio is headquartered in Malvern, Pennsylvania, and is focused on developing treatments for neurodegenerative diseases. For more information, visit www.annovisbio.com and follow the company on LinkedIn, YouTube, and X. The latest news and updates relating to ANVS are available in the company's newsroom at https://ibn.fm/ANVS.
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