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Annovis Bio shareholders approve board and plan amendment

EditorAhmed Abdulazez Abdulkadir
Published 13-06-2024, 05:00 pm
© Reuters.

Annovis Bio, Inc. (NYSE:ANVS), a pharmaceutical company specializing in drug development, announced the results of its 2024 Annual Meeting of Stockholders held on Wednesday. The meeting saw the election of five board members and the approval of an amendment to the company's equity incentive plan.

A total of 7,278,396 shares were represented at the virtual meeting, equating to 66.10% of the common stock outstanding as of the record date, April 18, 2024. Shareholders voted on three key proposals, all of which passed.

The elected directors to Annovis Bio’s Board are Michael Hoffman, Maria Maccecchini, Claudine Bruck, Reid McCarthy, and Mark White. The results for each nominee were as follows: Hoffman received 3,856,586 votes for and 122,626 withheld; Maccecchini had 3,888,261 votes for and 90,951 withheld; Bruck received 3,827,976 votes for and 151,236 withheld; McCarthy had 3,845,664 votes for and 133,548 withheld; and White received 3,825,922 votes for and 153,290 withheld.

In addition to the election of directors, shareholders approved an amendment to increase the share reserve of the Annovis Bio, Inc. 2019 Equity Incentive Plan by 1,000,000 shares, with 3,650,762 votes for, 276,575 against, and 51,875 abstentions.

Lastly, the appointment of Ernst & Young LLP as the independent auditors for the fiscal year ending December 31, 2024, was ratified with substantial support, receiving 7,214,275 votes for, 48,270 against, and 15,851 abstentions.

The decisions made at this meeting reflect the stockholders' support for the current management and strategic direction of the company. The approval of the equity plan amendment suggests a focus on incentivizing and retaining talent through stock-based compensation.

The information for this article is based on a recent SEC filing by Annovis Bio, Inc.

In other recent news, Annovis Bio Inc. is making significant strides in its clinical studies. The company recently completed data cleaning for its Phase III study of buntanetap, aimed at treating early Parkinson's disease, with top-line efficacy data expected in June. This followed an unexpected delay due to an issue during the unblinding of the study data, which was subsequently resolved.

In parallel, Annovis Bio also reported progress on its Alzheimer's disease trials. The company has refined its trial approach following a review of its Phase II/III study data for buntanetap, planning to focus on early and mild Alzheimer's patients in the upcoming Phase III trial. The company also reported cognitive improvements in patients with mild Alzheimer's disease in its Phase II/III study.

InvestingPro Insights

As Annovis Bio, Inc. (NYSE:ANVS) continues to navigate the challenging landscape of drug development, a look at recent financial metrics and market sentiment can offer additional context to the outcomes of their annual meeting. According to real-time data from InvestingPro, Annovis Bio has a market capitalization of approximately $67.92 million. Despite the volatility, analysts have a positive outlook with expectations of net income growth this year. This optimism is mirrored in the InvestingPro Tips, which highlight that the stock is currently in oversold territory, suggesting potential for a rebound. Additionally, the company's stock has experienced significant price fluctuations over the last week, emphasizing its high volatility.

Investors considering Annovis Bio should note that while the company has not been profitable over the last twelve months, analysts predict profitability in the near future. It's also important to acknowledge that Annovis does not pay a dividend, which may influence investment decisions for those seeking regular income streams from their investments. For those looking for comprehensive analysis and additional insights, InvestingPro offers more tips on Annovis Bio, which can be accessed with the use of coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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