Shares of Annovis Bio Inc. (ANVS) slipped nearly 6% on Tuesday morning despite the company reporting that Buntanetap was found safe and effective in high-risk Alzheimer's patients.
ANVS is currently trading at $6.13, down $0.37 or 5.69%, on the Nasdaq. The stock opened its trading at $6.20 after closing Monday at $6.50. The stock has traded between $4.79 and $22.49 in the past 52-week period.
Annovis Bio, a late-stage drug platform company developing novel therapies for neurodegenerative diseases such as Alzheimer's (AD) and Parkinson's disease (PD), announces that its recent Phase II/III Alzheimer's study of its lead drug candidate, Buntanetap, showed statistically significant efficacy and safety in both carriers and non-carriers of Apolipoprotein E4 (APOE4), a genetic cause of AD.
In patients with early AD, Buntanetap showed a statistically significant dose-response in ADAS-Cog11 scores, with a -3.3 points improvement over baseline and -2.3 points improvement from placebo.
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