Annovis Bio Shares Up Sharply on Positive Parkinson's Trial Results

Dow Jones07-03

By Jennifer Tershak

Annovis Bio's shares rose sharply as new data from a phase III study showed buntanetap is safe and effective in patients with early Parkinson's disease at improving motor and non-motor activities as well as cognitive functions.

The stock is trading up 97%, at $10.39, after closing the previous day's session at $5.27. Annovis is on track for its best performance in three years but is still down more than 40% in the year to date.

The Malvern, Pa.-based clinical-stage biotechnology company said buntanetap, a drug in development for the treatment of neurodegenerative diseases, showed dose-dependent and statistically significant improvements in cognition in the overall enrolled Parkinson's population.

Parkinson's patients with substantial cognitive decline exhibited a very pronounced improvement and buntanetap's activity resulted in statistically significant improvements in all primary and secondary endpoints, Annovis Bio said.

"These compelling data reinforce our commitment to advancing buntanetap into a longer study, which will allow us not only to verify observed symptomatic improvements but also to explore buntanetap's disease-modifying properties," said Maria Maccecchini, founder, president and CEO of Annovis Bio.

Write to Jennifer Tershak at jennifer.tershak@wsj.com

(END) Dow Jones Newswires

July 02, 2024 14:49 ET (18:49 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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