Annovis Bio, Inc. Announces Proposed Public Offering of Common Stock Berwyn, PA

Annovis Bio, Inc. Announces Proposed Public

Offering of Common Stock

Berwyn, PA - May 21, 2021 -

Annovis Bio, Inc. (NASDAQ: ANVS) ("Annovis" or the "Company") a clinical-stage drug platform company addressing

Alzheimer's disease (AD), Parkinson's disease (PD) and other neurodegenerative diseases, today announced that it intends to offer to sell

shares of its common stock in an underwritten public offering. All of the shares of common stock are to be sold by the Company.

ThinkEquity, a division of Fordham Financial Management,

Inc., is acting as the sole book-running manager for the offering and Maxim Group LLC is acting as co-manager for the offering.

The offering is subject to market conditions and

there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

The Company intends to use the net proceeds from

the offering primarily for general corporate purposes, including working capital, research and development, capital expenditures and the

completion of our planned Phase 3 clinical trial for ANVS401 in AD in persons with Down Syndrome.

The securities will be offered and sold pursuant

to a shelf registration statement on Form S-3 (File No. 333-252625), including a base prospectus, filed with the U.S. Securities and Exchange

Commission (the "SEC") on February 1, 2021 and declared effective on February 11, 2021. The offering will be made only by

means of a written prospectus. A preliminary prospectus supplement and accompanying prospectus describing the terms of the offering has

been or will be filed with the SEC on its website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying

prospectus relating to the offering may also be obtained from the offices of ThinkEquity, a division of Fordham Financial Management,

Inc., 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673 or by email at prospectus@think-equity.com.

Before investing in this offering, interested parties should read in their entirety the preliminary prospectus supplement and the accompanying

prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such preliminary prospectus

supplement and the accompanying prospectus, which provide more information about the Company and such offering.

This press release shall not constitute an offer

to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which

such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

Headquartered 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 Alzheimer's in Down Syndrome (DS-AD). We believe that we are the only company developing a drug for AD, PD and DS-AD

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. We expect our treatment to improve memory loss and dementia

associated with AD and DS-AD, as well as body and brain function in PD. We have two ongoing Phase 2a studies: one in AD patients and

one in both AD and PD patients. For more information on Annovis, please visit the company's website: www.annovisbio.com.

Statements 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 ANVS401 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, including that clinical trials may be

delayed; that the data reported herein is interim data, conclusions as to which may be superseded by subsequent data we expect to

receive in connection with Phase 2a trials and/or subsequent clinical trials; and that any anticipated meeting with or presentation

to the FDA may be delayed. 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, 2020 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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