Stock To Watch: Annovis Bio (ANVS)

(RTTNews) - Annovis Bio Inc. (ANVS), which closed Monday's trading at $7.25, up 11.20%, was one of the top gainers of the day.

Annovis is a clinical-stage, drug company focused on neurodegenerative diseases such as Alzheimer's disease in Down syndrome, Alzheimer's disease, and Parkinson's disease.

The Company's lead compound is ANVS401, which works by inhibiting APP/Aß, tau/phospho-tau and a-synuclein, the neurotoxic proteins that impair axonal transport and lead to inflammation and cell death.

ANVS401 is under a phase IIa proof-of-concept study in Alzheimer's disease patients and a second phase IIa proof-of-concept study in Parkinson's disease patients is expected to be initiated in the first quarter of 2020. Both studies are expected to be completed by the end of this year.

Next in the pipeline is ANVS-301, which is expected to increase cognitive capability in later stages of Alzheimer's disease and dementia. A phase I clinical trial of ANVS-301 being conducted and financed by the National Institutes of Health is underway.

The Company is also developing ANVS-405 for traumatic brain injury and/or stroke. This compound is in preclinical testing.

Annovis went public on the NYSE American Exchange on January 29, 2020, offering its shares at a price of $6.00 each. The IPO and full exercise of underwriters' option to purchase additional shares closed on January 31, 2020. The gross proceeds from the offering were about $13.8 million.

ANVS has thus far hit a low of $6.10 and a high of $10.61. The IPO lock-up period ends on July 27, 2020. The stock closed Monday's trading at $7.25, up 11.20%.