BUZZ-Annovis Bio slides after $21 mln stock offering

Reuters

Feb 03, 2025

** Shares of drug developer Annovis Bio ANVS.N drop 17.7% to $4.01 premarket

** ANVS announces pricing of public offering of 5.25 mln shares of common stock and warrants at $4/shr for gross proceeds of $21 mln

** Stock offering priced at a 17.9% discount to stock's last close

** ThinkEquity was the sole book-running manager for the offering

** ANVS plans to use the proceeds for working capital and general purposes, including the development of its lead experimental drug, Buntanetap

** Prior to offering, ANVS had ~14.3 mln outstanding shares, per SEC filing, giving it a market cap of $69.3 mln as of last close

** ANVS stock slumped 73.1% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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