From GlobeNewswire: 2024-04-02 07:30:00

Annovis Bio, Inc. reported significant progress in their drug development efforts for neurodegenerative diseases. They completed the Phase III study for Parkinson’s Disease, with excellent patient enrollment and low drop-out rates. Additionally, they exceeded enrollment goals for their Alzheimer’s Disease study. The company also identified novel biomarkers in plasma of PD patients showing promising results.

The company appointed Andrew Walsh as Vice President Finance, bringing in crucial financial expertise. Annovis Bio participated in the prestigious 139TH Yale CEO Summit, highlighting their impactful work in the field. CEO Dr. Maria L. Maccecchini expressed confidence in the company’s progress and future prospects in the fourth quarter of last year.

In terms of financial results, as of December 31, 2023, Annovis had $5.8 million in cash and cash equivalents, with a net loss of $22.2 million for the fourth quarter of 2023. For the full year of 2023, the company reported a net loss of $56.2 million. Research and development expenses increased due to ongoing clinical studies for PD and AD, partially offset by lower stock-based compensation expenses.

Buntanetap, formerly known as Posiphen or ANVS401, is Annovis Bio’s key drug candidate. It targets multiple neurotoxic proteins to improve nerve cell function, addressing the root cause of neurodegeneration. The unique mechanism of action inhibits the formation of various toxic proteins responsible for diseases like PD and AD, setting it apart from other drug candidates. Annovis Bio is at the forefront of developing innovative therapies for neurodegenerative diseases.



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