Annovis Bio Inc., a clinical stage drug platform company addressing Alzheimer's, Parkinson's and other neurodegenerative diseases, has closed its initial public offering of 2,000,000 shares of its common stock at the public offering price of $6 per share, and the full exercise by the underwriters of their option to purchase 300,000 additional shares of Annovis Bio’s common stock. The exercise of the option brings the total number of shares of common stock sold by Annovis Bio to 2,300,000 shares.
The gross proceeds from Annovis Bio’s initial public offering, including proceeds from the exercise of the underwriters’ option to purchase additional shares, were approximately $13.8 million, before deducting underwriting discounts, commissions and offering expenses payable by Annovis Bio.
ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the offering.
