Annovis Bio Raises Aggregate Gross Proceeds Of Approximately $8.7 Million
BERWYN, Pa., April 11, 2023 /PRNewswire/ -- Annovis Bio, Inc. (NYSE: ANVS) ("Annovis" or the "Company"), a clinical-stage drug platform company addressing neurodegenerative diseases, today announced that in the last week it has raised aggregate gross proceeds of approximately $8.7 million between its now-terminated at–the-market program and a private placement to individual members of its Board of Directors and management.
As previously disclosed, on March 31, 2023, the Company entered into an At-The-Market (ATM) Equity Offering Sales Agreement (SM) with BofA Securities, Inc. ("BofA") and ThinkEquity LLC. On April 4, 2023, the Company sold 704,000 shares of its common stock pursuant to the ATM Sales Agreement at a price of $10.88 per share, for gross proceeds of approximately $7.66 million. Following the sale, the Company terminated the ATM Sales Agreement effective April 9, 2023.
On April 7, 2023, the Company sold 84,453 shares of its common stock in a private placement to individual members of its Board of Directors and management at a price of $12.61 per share, for aggregate proceeds of $1.06 million.
On December 31, 2022, the Company had $28 million in cash. The nearly $9 million in additional capital will fund the company's two ongoing studies, phase 3 in early PD and phase 2/3 in moderate AD, through completion and otherwise fund operations into the first quarter of 2024.
About Annovis Bio, Inc.
Headquartered in Berwyn, Pennsylvania, Annovis Bio, Inc. (Annovis) is a clinical-stage, drug platform company addressing neurodegeneration, such as Alzheimer's disease (AD), Parkinson's disease (PD), and other chronic neurodegenerative diseases. We believe that we are the only company developing a drug for AD and PD that is designed to inhibit more than one neurotoxic protein, and has a mechanism of action designed to restore axonal and synaptic activity. By improving brain function, our goal is to treat memory loss and dementia associated with AD as well as body and brain function associated with PD. Annovis conducted two Phase 1/2 studies: one in AD patients and one in both AD and PD patients. In the AD/PD study buntanetap showed improvements in cognition in AD as well as body and function in PD patients.
For more information on Annovis Bio, please visit the Company's website www.annovisbio.com and follow us on LinkedIn and Twitter.
Forward-Looking Statement
This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company advises caution in reliance on forward-looking statements. Forward-looking statements include, without limitation, the Company's plans related to clinical trials and projections regarding the use of and need for capital. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by forward-looking statements, including regarding patient enrollment, the effectiveness of Buntanetap, the timing, effectiveness, and anticipated results of the Company's clinical trials evaluating the efficacy, safety and tolerability of Buntanetap, and the timing of costs required to fund the Company's operations including such clinical trials. See also additional risk factors set forth in the Company's periodic filings with the SEC, including, but not limited to, those risks and uncertainties listed in the section entitled "Risk Factors," in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC. All forward-looking statements in this press release are based on information available to the Company as of the date of this filing. The Company expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Media Contact:
Nic Johnson
Russo Partners, LLC
(303) 482-6405
nic.johnson@russopartnersllc.com
Investors Contacts:
Chris Calabrese
+1 (917) 680-5608
ccalabrese@lifesciadvisors.com
LifeSci Advisors, LLC
Kevin Gardner
+1 (617) 283-2856
kgardner@lifesciadvisors.com
LifeSci Advisors, LLC
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SOURCE Annovis Bio
