Full Press Release Details
Annovis Bio Provides Corporate Updates and Announces
First Quarter 2024 Financial Results
MALVERN, Pa. -- May 13,
2024 -- Annovis Bio, Inc. (NYSE: ANVS) ("Annovis" or the "Company"), a clinical-stage drug platform
company developing novel therapies for neurodegenerative diseases, provided updates from across the organization and announced first quarter
AD Phase II/III Study
| o | Significantly higher rate of improvement in ADAS-Cog 11 scores in each treatment dose relative to placebo for patients with mild AD; | |
| o | Improvement in cognition measured by ADAS-Cog 11 at three months was 3.3 points as compared to 0.3 for placebo, consistent with previous Phase II AD/PD and Discovery studies; | |
| o | Plasma Tau protein levels were reduced, consistent with previous Phase II biomarker data. |
2024 Financial Results
Dr. Maria Maccecchini
"The first quarter proved to be pivotal for our company as we
continued to wind down our two recent clinical trials - Phase III in Parkinson's and Phase II/III in Alzheimer's. For our
PD study, which concluded late last year, diligent efforts are underway to meticulously prepare the data, with expected delivery of topline
results in June of this year. For the AD study, we successfully cleaned the data and were proud to announce cognitive improvements
as measured by ADAS-Cog 11 in patients with early AD, showing us a pathway for continued clinical development of buntanetap. We extend
our heartfelt gratitude to the patients and their families whose contribution was the driving force of our research aimed to bring new
treatments to the market."
Buntanetap (formerly known as Posiphen or ANVS401) attacks neurodegeneration
by reducing multiple neurotoxic proteins, thereby improving synaptic transmission and axonal transport, which is the information highway
of the nerve cell. Dysfunction of synaptic transmission and axonal transport has been shown to be the cause of nerve cell degeneration
and ultimately death. Unlike other drugs in development which attempt to remove only one toxic protein, buntanetap inhibits several toxic
proteins before they can form, thereby preventing the formation of all the major neurotoxic proteins responsible for PD and AD.
About Annovis Bio, Inc.
Headquartered in Malvern, Pennsylvania, Annovis Bio, Inc. is a clinical-stage, drug platform company addressing neurodegeneration,
such as Alzheimer's disease (AD), Parkinson's disease (PD), and other chronic neurodegenerative diseases. It is believed
to be the only company developing a drug for both AD and PD designed to inhibit more than one neurotoxic protein to restore axonal and
synaptic activity. By improving brain function, the company's goal is to treat memory loss and dementia associated with AD as well
as body and brain dysfunction associated with PD. For more information on Annovis Bio, please visit the Company's website www.annovisbio.com
Forward-Looking Statements
This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical
fact are statements that could be deemed forward-looking statements. The Company advises caution in reliance on forward-looking statements.
Forward-looking statements include, without limitation, the Company's plans related to clinical trials. These statements involve known
and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by forward-looking
statements, including regarding patient enrollment, the effectiveness of Buntanetap and the timing, effectiveness, and anticipated results
of the Company's clinical trials evaluating the efficacy, safety and tolerability of buntanetap. See also additional risk factors set
forth in the Company's periodic filings with the SEC, including, but not limited to, those risks and uncertainties listed in the section
entitled "Risk Factors," in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with
the SEC. All forward-looking statements in this press release are based on information available to the Company as of the date of this
filing. The Company expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.
Maria Maccecchini, Ph.D.