Annovis Bio plans an underwritten public offering of common stock and warrants to fund clinical development.
Quiver AI Summary
Annovis Bio, Inc., a company focused on developing therapies for neurodegenerative diseases like Alzheimer’s and Parkinson’s, announced its plans to conduct an underwritten public offering of common stock and warrants, all of which will be sold by the company. ThinkEquity is serving as the sole book-running manager for this offering, which may include an option for the underwriter to purchase up to 15% more shares. The proceeds will primarily be used for working capital and advancing the clinical development of Annovis' lead compound, Buntanetap. The offering will be conducted under a previously filed shelf registration statement with the SEC, and interested investors are encouraged to review the preliminary prospectus for full details. This announcement also contains forward-looking statements regarding the company's clinical plans and highlights the inherent uncertainties in such forecasts.
Potential Positives
- The company is pursuing an underwritten public offering of common stock and warrants, which could provide significant capital for operational and clinical development purposes.
- The net proceeds from the offering are intended for working capital and the continued clinical development of its lead compound, Buntanetap, vital for the company's growth and investment in innovative therapies.
- The offering includes a potential over-allotment option for the underwriter, indicating a planned strategy to maximize funding opportunities based on market conditions.
Potential Negatives
- The announcement of a public offering may signal to investors that the company is in need of additional financing, potentially raising concerns about its current financial health.
- The lack of assurance regarding the completion, size, or terms of the offering may indicate uncertainty in the company’s funding strategy, which could affect investor confidence.
- Forward-looking statements regarding clinical trials carry inherent risks and uncertainties, which may heighten skepticism among investors about the company's future prospects and the effectiveness of its lead compound, Buntanetap.
FAQ
What is Annovis Bio, Inc. planning to offer?
Annovis Bio, Inc. plans to offer common stock and warrants in an underwritten public offering.
Who is managing the public offering?
ThinkEquity is acting as the sole book-running manager for the offering.
How will Annovis use the proceeds from the offering?
The proceeds will primarily be used for working capital and the clinical development of Buntanetap.
What is Buntanetap?
Buntanetap is Annovis Bio's lead compound aimed at treating neurodegenerative diseases like Alzheimer’s and Parkinson’s.
Where can investors find more information about the offering?
Investors can find information in the preliminary prospectus supplement and base prospectus filed with the SEC at www.sec.gov.
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., Jan. 31, 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 that it intends to offer to sell common stock and warrants in an underwritten public offering. All of the common stock and warrants are to be sold by the Company.
ThinkEquity is acting as sole book-running manager for the offering.
The Company expects to grant the underwriter a 45-day option to purchase up to an additional 15% of the number of shares of common stock and/or warrants sold in this offering to cover over-allotments, if any.
The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
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.
The securities in the offering described above 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 preliminary prospectus supplement and accompanying base prospectus describing the terms of the offering will be filed with the SEC on its website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying base prospectus relating to the offering may also be obtained from the offices of ThinkEquity, 17 State Street, 41 st Floor, New York, New York 10004. Before investing in this offering, interested parties should read in their entirety the preliminary prospectus supplement and the accompanying base prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such preliminary prospectus supplement and the accompanying base prospectus, which provide more information about the Company and such offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of 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
[email protected]