Annovis Bio, Inc. (NYSE: ANVS), a Malvern, Pennsylvania-based clinical-stage company developing oral therapies for neurodegenerative disease, has closed a USD 10 million underwritten public offering, extending its cash runway through Q2 2027. The proceeds, combined with a separate USD 1.5 million investment from Board Chair Michael Hoffman, are intended to fund operations through a key symptomatic data readout from its Phase III Alzheimer's disease trial and a subsequent New Drug Application submission to the US FDA for its lead candidate, buntanetap.
The company said proceeds will primarily support the Phase III Alzheimer's disease trial (NCT06709014), which was 75% enrolled at the time of the announcement, with a 6-month symptomatic data readout anticipated in Q1 2027. The company has conducted several prior public equity raises, including a USD 21 million underwritten offering in February 2025 and a USD 6 million registered direct offering in October 2025.
Buntanetap, formerly known as posiphen, is a once-daily oral small molecule that targets the Iron-Responsive Element in the 5' untranslated region of mRNAs encoding multiple neurotoxic proteins, including amyloid precursor protein, tau, alpha-synuclein, and TDP-43. By strengthening the binding of Iron Regulatory Protein 1 to this RNA structural motif, the compound is designed to suppress the translation of these proteins simultaneously, positioning it as a multi-target, upstream approach to neurodegeneration rather than a single-protein clearance strategy.