Annovis Bio, a Phase 2 biotech developing therapies for neurodegenerative diseases, raised $12 million by offering 2 million shares at $6, the low end of the range of $6 to $8.
The company raised $2 million more than expected by offering 40% more shares than previously anticipated. At the $6 offer price Annovis Bio commands a market cap of $42 million; with a market cap less than $50 million it will be excluded from Renaissance Capital's IPO stats.
Annovis Bio plans to list on the NYSE American under the symbol ANVS. ThinkEquity acted as lead manager on the deal.
