Annovis Bio, a Phase 2 biotech developing therapies for neurodegenerative diseases, announced terms for its IPO on Friday.
The Berwyn, PA-based company plans to raise $10 million by offering 1.4 million shares at a price range of $6 to $8. At the midpoint of the proposed range, Annovis Bio would command a fully diluted market value of $44 million. Because the company's market value falls below Renaissance Capital's $50 million cut off, we will not be following this deal going forward.
Annovis Bio was founded in 2008 and plans to list on the NYSE American under the symbol ANVS. ThinkEquity is the sole bookrunner on the deal.
