Annovis Bio, Inc. (ANVS) announced a $10 million underwritten public offering of common stock and accompanying warrants. The offering is expected to provide additional capital to support the company's ongoing clinical programs in neurodegenerative diseases, including Alzheimer's and Parkinson's.
Offering Details
The company priced 5,263,156 shares of common stock, together with warrants to purchase up to 5,263,156 shares. The combined offering price of each share and warrants is $1.90. Each warrant will be exercisable for one share of common stock at an exercisable price of $2.50. Annovis has granted the underwriters a 30-day option to purchase up to an additional 15% of the shares and warrants offered.
Purpose of the RaiseAnnovis expects to receive gross proceeds of approximately $10 million, excluding underwriting discounts, commissions, and expenses. Proceeds from the offering will be used to advance Annovis' pipeline of therapies aimed at improving cognitive and motor function in patients with neurodegenerative conditions.
The company's lead drug candidate, Buntanetap is being developed to treat Alzheimer's and Parkinson's disease by targeting multiple neurotoxic proteins that impair brain function.
ANVS has traded between $1.11 and $5.50 over the past year. The stock closed Wednesday's trading at $2.30, up 1.32%. In pre-market trading the stock is at $1.90, down 17.08%.
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