Annovis Bio Launches Public Offering of Stock and Warrants to Fund Phase 3 Study
ANVS•Annovis Bio has launched a proposed underwritten public offering of common stock alongside warrants, with Canaccord Genuity as sole bookrunner. Net proceeds will fund the Phase 3 clinical development of oral drug candidate buntanetap for Alzheimer’s disease and support working capital and corporate purposes.
1. Public Offering Launch
Annovis Bio has initiated a proposed underwritten public offering to sell shares of common stock alongside separate warrants, which can only be purchased together, with Canaccord Genuity acting as sole bookrunner and subject to market conditions and closing requirements.
2. Use of Proceeds
Net proceeds from the offering are earmarked to advance the Phase 3 clinical trial of oral therapy buntanetap in Alzheimer’s disease patients, as well as to bolster working capital and support general corporate purposes.
3. Offering Structure and Registration
The shares and warrants will be issued under an effective shelf registration statement on Form S-3 declared effective in February 2024, with a preliminary prospectus supplement to be filed detailing final terms pending market conditions.
4. Company and Lead Drug Candidate
Annovis Bio is a clinical-stage biotechnology company focused on neurodegenerative diseases; its lead candidate buntanetap targets multiple neurotoxic proteins through RNA-binding to potentially halt disease progression in Alzheimer’s and Parkinson’s patients.
