Annovis Bio, Inc. has priced an underwritten public offering expected to generate approximately $21.0 million in gross proceeds. The offering consists of common stock, pre-funded warrants, and accompanying warrants to purchase common stock, with the net proceeds intended for the clinical development of its lead drug candidate, Buntanetap.
Key Details
- Offering Structure: The company is selling 19,000,000 shares of common stock and 2,000,000 pre-funded warrants, along with accompanying warrants to purchase up to 21,000,000 shares of common stock.
- Pricing: The combined price is $1.00 per share and accompanying warrant, or $0.9999 for a pre-funded warrant and accompanying warrant.
- Warrant Terms: The accompanying warrants are exercisable immediately at $1.00 per share and expire five years from the date of issuance. The pre-funded warrants have an exercise price of $0.0001 per share.
- Insider Participation: A company director is participating in the offering, purchasing 5,000,000 shares and accompanying warrants for an aggregate purchase price of $5,000,000.
- Use of Proceeds: Funds will be used for the continued clinical development of Buntanetap for Alzheimer's and Parkinson's disease, as well as for working capital and general corporate purposes.
- Timeline: The offering is expected to close on or about November 6, 2026.