Annovis Bio (NYSE: ANVS) has announced the closing of an underwritten public offering raising approximately $10 million in gross proceeds extending its cash runway through Phase 3 Alzheimer’s disease (AD) six-month NDA submission.
According to Annovis, combined with existing cash on hand and a recent $1.5 million investment from the Board Chair Michael Hoffman, the financing extends the company’s cash runway through the second quarter of 2027. It fully funds operations through a key symptomatic data readout from its Phase 3 AD trial and the anticipated submission of a new drug application (NDA) for buntanetap to the FDA.
In a statement, Maria Maccecchini, PhD, president and CEO of Annovis, commented, “This financing is a decisive step forward for Annovis and for patients waiting for a novel Alzheimer’s treatment. We now have the resources to reach our first major regulatory milestone: the six-month data readout from our Phase 3 AD trial and the NDA submission that follows. With enrollment nearing completion, NDA preparations launched, and an ongoing open-label study in PD, Annovis is executing on all fronts.”
