Annovis Bio, Inc., a biotech company based in Malvern, Pa., announced it had closed on a $10 million underwritten public offering that would allow it to continue development of an oral therapy to treat neurodegenerative diseases.
Officials said the company is developing buntanetap as a treatment for conditions Alzheimer’s disease (AD) and Parkinson’s disease (PD). The public offering, when combined with existing cash on hand and a $1.5 million investment from the Board of Directors Chair, Michael Hoffman, will extend the company’s cash runway through the second quarter of 2027. That money will fully fund the company’s operations through a key symptomatic data readout of its Phase 3 AD trial and the anticipated submission of a New Drug Application (NDA) for buntanetap to the U.S. Food and Drug Administration (FDA).
“This financing is a decisive step forward for Annovis and for patients waiting for a novel Alzheimer’s treatment,” Maria Maccecchini, Ph.D., president and CEO of Annovis, said. “We now have the resources to reach our first major regulatory milestone: the 6-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.”
Proceeds from the offering will support the advancement of buntanetap through its Phase 3 AD trial designed to provide a six-month evaluation of symptomatic improvement and an 18-month assessment of potential disease modification. The company is also conducting and open-label extension study in PD patients testing buntanetap for 36 months and capturing safety, efficacy, and biomarker data.