Full Press Release Details
Bio Announces Second Quarter 2022 Results and Provides Corporate Update
Pennsylvania-August 8, 2022 - Annovis Bio, Inc. (NYSE: ANVS) ("Annovis" or the "Company"),
a clinical-stage drug platform company addressing neurodegenerative diseases, today announced second quarter financial results for the
quarter ended June 30, 2022, and reviewed recent accomplishments.
L. Maccecchini, Ph.D., Founder, President, and CEO of Annovis, commented: "Because of buntanetap's unique mode of action,
it has the potential to act on a variety of neurodegenerative disorders. As a result, in the second quarter, we have taken significant
steps to expand our intellectual property portfolio as it relates to buntanetap. Importantly, the FDA has approved our Phase 3 clinical
trial design in early PD patients. This approval affirms the Company's path to securing approval for buntanetap to treat neurodegenerative
diseases, including Parkinson's and Alzheimer's diseases, with longer treatment regimens."
Highlights and New Developments
Results for the Second quarter of 2022
cash equivalents, and marketable securities were $36.0 million as of June 30, 2022. Research and development expenses for the quarter
ended June 30, 2022, were $6.8 million, compared to $1.8 million for the same period in 2021. The increase was primarily the result of
an increase of $2.4 million in clinical expenses as the Company incurred costs related to its upcoming Phase 3 study in early PD patients,
an increase of $1.8 million for the cost of materials and an increase of $0.7 million in stock-based compensation expense. General and
administrative expenses for the quarter ended June 30, 2022, were $1.9 million, compared to $0.7 million for the same period in 2021.
The increase was primarily the result of an increase of $1.2 million in stock-based compensation expense.
the quarter ended June 30, 2022, Annovis reported a net loss of $8.7 million, compared to a net loss of $2.5 million for the same period
in Berwyn, Pennsylvania, Annovis Bio, Inc. (Annovis) is a clinical-stage, drug platform company addressing neurodegeneration, such as
Alzheimer's disease (AD), Parkinson's disease (PD), and other chronic neurodegenerative diseases, including Alzheimer's in Down Syndrome
(AD-DS). We believe that we are the only company developing a drug for AD, PD, and AD-DS that inhibits more than one neurotoxic protein
and, thereby, improves the information highway of the nerve cell, known as axonal transport. When this information flow is impaired,
the nerve cell gets sick and dies. Annovis conducted two Phase 2 studies: one in AD patients and one in both AD and PD patients. In the
AD/PD study buntanetap showed improvements in cognition and memory in AD as well as body and brain function in PD patients.
in this press release contain "forward-looking statements" that are subject to substantial risks and uncertainties.
Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate,"
"expect," "believe," "will," "may," "should," "estimate,"
"project," "outlook," "forecast" or other similar words, and include, without limitation, statements
regarding the timing, effectiveness, and anticipated results of buntanetap clinical trials. Forward-looking statements are based on
Annovis Bio, Inc.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to
predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate.
These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the Annual Report
on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission. Forward-looking statements
contained in this announcement are made as of this date, and Annovis Bio, Inc. undertakes no duty to update such information except
as required under applicable law.
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