Annovis Bio announces underwritten public offering of 5.25 million shares at $4 each to raise $21 million for clinical development.
Quiver AI Summary
Annovis Bio, Inc. has announced the pricing of a public offering of 5.25 million shares of common stock and warrants, priced at $4.00 per share, with a total expected gross proceeds of $21 million. The offering includes warrants exercisable at $5.00 per share for five years and is set to close on February 4, 2025, pending customary conditions. The funds will primarily support working capital and the clinical development of Annovis’s lead compound, Buntanetap, aimed at treating neurodegenerative diseases. The offering is conducted under a previously filed shelf registration statement and a prospectus supplement will be available for potential investors. Annovis, based in Malvern, Pennsylvania, is focused on innovative therapies for Alzheimer’s and Parkinson’s diseases.
Potential Positives
- The company successfully priced an underwritten public offering of 5,250,000 shares of common stock and warrants, raising expected gross proceeds of $21 million.
- The proceeds are intended for working capital and continued clinical development of the lead compound, Buntanetap, which targets neurodegenerative diseases.
- The offering is expected to close soon, indicating positive momentum for the company’s financial activities and ongoing projects.
- Annovis Bio is utilizing a previously effective shelf registration statement, demonstrating efficient capital-raising strategies compliant with SEC regulations.
Potential Negatives
- The company is conducting a public offering, which may signal financial instability or a need for additional capital to fund operations, potentially causing concern among investors.
- The pricing of the shares at $4.00, which is below the market price, might indicate weakness in investor confidence and could dilute current shareholders’ ownership.
- Forward-looking statements highlight significant risks associated with clinical trials and the effectiveness of their lead compound, Buntanetap, which could affect future performance and investor sentiments.
FAQ
What is the recent public offering price for Annovis Bio’s common stock?
The combined public offering price for Annovis Bio’s common stock is $4.00 per share.
The offering includes 5,250,000 shares of common stock and 5,250,000 warrants.
What are the intended uses for the proceeds from the offering?
The proceeds will primarily support working capital and the continued clinical development of Buntanetap.
Who is managing the public offering for Annovis Bio?
ThinkEquity is acting as the sole book-running manager for the offering.
Where can investors find the prospectus for this offering?
The prospectus will be filed with the SEC and can also be obtained from ThinkEquity’s offices.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ANVS Hedge Fund Activity
We have seen 22 institutional investors add shares of $ANVS stock to their portfolio, and 11 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CITADEL ADVISORS LLC added 102,692 shares (+inf%) to their portfolio in Q3 2024, for an estimated $827,697
- ADAGE CAPITAL PARTNERS GP, L.L.C. removed 100,000 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $806,000
- MERIT FINANCIAL GROUP, LLC added 71,816 shares (+269.0%) to their portfolio in Q4 2024, for an estimated $361,234
- QUEST PARTNERS LLC added 46,002 shares (+inf%) to their portfolio in Q3 2024, for an estimated $370,776
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 31,520 shares (+inf%) to their portfolio in Q3 2024, for an estimated $254,051
- MODERA WEALTH MANAGEMENT, LLC removed 30,513 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $245,934
- D. E. SHAW & CO., INC. added 24,410 shares (+inf%) to their portfolio in Q3 2024, for an estimated $196,744
To track hedge funds’ stock portfolios, check out Quiver Quantitative’s institutional holdings dashboard.
Full Release
MALVERN, Pa., Feb. 03, 2025 (GLOBE NEWSWIRE) — via IBN – Annovis Bio, Inc. (NYSE: ANVS) (“Annovis” or the “Company”), a late-stage clinical drug platform company pioneering transformative therapies for neurodegenerative diseases such as Alzheimer’s disease (AD) and Parkinson’s disease (PD), today announced the pricing of an underwritten public offering of 5,250,000 shares of common stock and warrants to purchase 5,250,000 shares of common stock at a combined public offering price of $4.00 per share. The warrants will have an exercise price of $5.00 per share and will be immediately exercisable upon issuance for a period of five years following the date of issuance. All of the common shares and associated warrants in the offering are being offered by the Company. Total gross proceeds from the offering, before deducting underwriters discounts and other offering expenses, are expected to be $21 million. The offering is expected to close on February 4, 2025, subject to satisfaction of customary closing conditions
The Company intends to use the net proceeds from the offering primarily for working capital and general corporate purposes, including the continued clinical development of the Company’s lead compound, Buntanetap.
ThinkEquity is acting as sole book-running manager for the offering.
The securities will be offered and sold pursuant to a shelf registration statement on Form S-3, as amended (File No. 333-276814), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 1, 2024, and declared effective on February 12, 2024. The offering will be made only by means of a written prospectus. A prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC on its website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from the offices of ThinkEquity, 17 State Street, 41
st
Floor, New York, New York 10004.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Annovis Bio, Inc.:
Headquartered in Malvern, Pennsylvania, Annovis is dedicated to addressing neurodegeneration in diseases such as AD and PD. The company’s innovative approach targets multiple neurotoxic proteins, aiming to restore brain function and improve the quality of life for patients. For more information, visit
www.annovisbio.com
and follow us on LinkedIn, YouTube, and X.
Forward Looking Statements
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. These statements include, but are not limited to, the Company’s plans related to clinical trials. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, those related to patient enrollment, the effectiveness of Buntanetap, and the timing, effectiveness, and anticipated results of the Company’s clinical trials evaluating the efficacy, safety, and tolerability of Buntanetap. Additional risk factors are detailed in the Company’s periodic filings with the SEC, including those listed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. All forward-looking statements in this press release are based on information available to the Company as of the date of this release. The Company expressly disclaims any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Contact:
Annovis Bio Inc.
101 Lindenwood Drive
Suite 225
Malvern, PA 19355
www.annovisbio.com
Investor Contact:
Scott McGowan
InvestorBrandNetwork (IBN)
Phone: 310.299.1717
www.annovisbio.com/investors-relations
IR@annovisbio.com
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