Annovis Bio Raises $15M in 7.895M-Share Offering With $2.25 Warrants
Annovis Bio priced an underwritten offering of 7.895M common shares with warrants at $1.90 per unit, raising $15M in gross proceeds. Warrants exercise at $2.25 and expire six years post-issuance, funding continued Phase 3 buntanetap trials in Alzheimer’s and Parkinson’s diseases.
1. Offering Details
Annovis Bio completed an underwritten public offering of 7,895,000 common shares paired with warrants at $1.90 per share plus warrant unit, generating approximately $15.0 million in gross proceeds before discounts and expenses. The offering is expected to close on May 21, subject to customary conditions.
2. Warrant Terms
Investors received warrants to purchase up to 7,105,500 additional shares at an exercise price of $2.25 per share. Each warrant is exercisable immediately upon issuance and will expire six years from the issue date.
3. Use of Proceeds
Net proceeds will support the Phase 3 clinical development of buntanetap for Alzheimer’s and Parkinson’s disease and will be applied toward working capital and general corporate purposes.