Annovis Bio to Raise $10M in Underwritten Offering of 5.26M Shares and Warrants
Annovis Bio, Inc. has entered into an Underwriting Agreement for an underwritten registered direct offering, aiming to raise approximately $10 million in gross proceeds. The offering includes 5,263,156 shares of common stock and an equal number of accompanying common stock warrants, priced at $1.90 per combined unit. The warrants will be exercisable at $2.50 per share, starting six months post-issuance and expiring in five and a half years. The company intends to utilize the net proceeds primarily for the continued clinical development of its lead compound, Buntanetap, in a Phase 3 study for Alzheimer's disease, as well as for general working capital.
Key Highlights
- Annovis Bio entered an Underwriting Agreement with Canaccord Genuity LLC for an underwritten registered direct offering.
- The offering comprises 5,263,156 shares of common stock and accompanying warrants to purchase 5,263,156 shares.
- The combined offering price for each share and accompanying warrant is $1.90.
- The offering is expected to generate approximately $10 million in gross proceeds for the company.
- Warrants are exercisable six months after issuance, expire in five and a half years, and have an exercise price of $2.50 per share.
- Net proceeds are earmarked for the continued clinical development of Buntanetap in a Phase 3 study for Alzheimer’s disease, and for working capital and general corporate purposes.
Price Impact
More from ANVS
More in Equity Offering
One & one Green Technologies Secures $13M in Follow-on Offering from Institutional Investors, with Option for Additional $3M
Linkers Industries Completes Full Exercise of Series B Cashless Warrants, Resulting in 1.52M Class A Shares Outstanding
Annovis Bio Secures $10M Public Offering, Extends Cash Runway to Q2 2027, Funds NDA Submission with AD Phase 3 Trial 75% Enrolled