Benzinga | May 23, 2021 06:42PM EDT

Annovis Bio Priced 1M Share Public Offering @$50/Share

Annovis Bio (NYSE:ANVS) today announced the pricing of its underwritten public offering of 1,000,000 shares of its common stock at a public offering price of $50.00 per share, for gross proceeds of $50,000,000, before deducting underwriting discounts, commissions and offering expenses. All of the shares of common stock are being offered by the Company.

The offering is expected to close on May 26, 2021, subject to satisfaction of customary closing conditions.

ThinkEquity, a division of Fordham Financial Management, Inc., is acting as sole book-running manager for the offering and Maxim Group LLC is acting as co-manager for the offering.

The Company intends to use the net proceeds from the offering primarily for general corporate purposes, including working capital, research and development, capital expenditures and the completion of our planned Phase 3 clinical trial for ANVS401 in AD in persons with Down Syndrome