Annovis Bio Inc. (NYSE: ANVS) announced a proposed underwritten public offering of common stock and accompanying warrants. The biotechnology company plans to sell shares and warrants together as combined units, with all securities offered by the company.

Canaccord Genuity serves as the sole bookrunner for the offering. The company has not disclosed the size or pricing terms of the proposed offering, which remains subject to market conditions and regulatory approval.

Annovis stated it intends to use net proceeds to fund continued clinical development of buntanetap, its investigational oral therapy for neurodegenerative diseases, specifically for a Phase 3 Alzheimer's disease study. Additional funds will support working capital and general corporate purposes.

The securities are being offered under an effective shelf registration statement filed with the Securities and Exchange Commission in February 2024. The Malvern, Pennsylvania-based company is developing buntanetap for Alzheimer's disease and Parkinson's disease treatment.

The company noted that completion of the offering cannot be assured, and actual terms may differ from initial proposals. A preliminary prospectus supplement will be filed with the SEC when available.