MALVERN, Pa – Annovis Bio Inc. (NYSE: ANVS), a clinical-stage drug platform company with a market capitalization of $66 million, announced today that it has obtained a U.S. patent for its drug buntanetap, designed for the treatment and prevention of acute brain or nerve injuries. The U.S. Patent and Trademark Office granted the patent on January 2, 2025, which complements existing patents in the EU, Japan, and other regions, solidifying Annovis' global intellectual property rights for buntanetap. According to InvestingPro data, the company maintains a strong financial position with cash reserves exceeding debt obligations.
Buntanetap is recognized for its potential to reduce neurotoxicity and slow neurodegenerative processes, offering therapeutic avenues for conditions such as stroke, ischemia, traumatic brain injury, and micro infarcts. Maria Maccecchini, Ph.D., Founder, President, and CEO of Annovis, remarked on the significance of this development, highlighting the drug's capacity to target neurotoxic pathways that cause neuronal damage.
The patent acquisition is a strategic enhancement to Annovis' portfolio, broadening the scope of buntanetap's applications beyond Alzheimer's and Parkinson's diseases, which are the company's primary focus. Annovis, headquartered in Malvern, Pennsylvania, is at the forefront of addressing neurodegeneration in various diseases by targeting multiple neurotoxic proteins to restore brain function and improve patients' quality of life. The company's stock has experienced significant volatility, with a 61% decline over the past six months, though analyst price targets suggest substantial upside potential. InvestingPro subscribers can access additional insights and 8 more key tips about ANVS's financial health and market position.
While the company celebrates this milestone, it is important to note that forward-looking statements regarding clinical trials and the effectiveness of buntanetap involve risks and uncertainties. Financial metrics from InvestingPro indicate the company is not currently profitable, with analysts not anticipating profitability this year. The company's projections are based on current expectations and are subject to change depending on patient enrollment outcomes and the results of ongoing clinical evaluations of the drug's efficacy, safety, and tolerability.
The information presented in this article is based on a press release statement from Annovis Bio Inc.
In other recent news, Annovis Bio has received FDA approval for its revised Phase 3 Alzheimer's disease study protocol. The updated trial, assessing the efficacy of the drug buntanetap, integrates two previously separate studies, streamlining the development process. This follows the FDA's clearance in October 2024 for Annovis to proceed with Phase 3 AD studies based on promising Phase 2/3 data.
The company also recently appointed William Fricker as its interim Chief Financial Officer. Fricker brings extensive experience in the finance sector, particularly within the biotech industry. In addition, Annovis Bio's lead drug candidate, buntanetap, has received clearance to advance into Phase 3 trials for the treatment of Alzheimer's disease, based on Phase 2/3 data showing symptomatic improvement in patients with early Alzheimer's.
Analyst firms Canaccord Genuity, EF Hutton, and H.C. Wainwright have all maintained a Buy rating on the company. These are some of the recent developments in Annovis Bio's ongoing operations. The company's current cash reserves, bolstered by $7 million from the exercise of approximately 0.8 million warrants, are adequate to fund operations through the anticipated meetings with the FDA and until the start of two pivotal studies.
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