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Annovis Bio, Inc. (NYSE:ANVS) announced the upcoming resignation of Andrew Walsh, Vice President of Finance and Principal Financial Officer, effective August 22. According to a company statement based on a filing with the Securities and Exchange Commission, Walsh’s departure is not due to any disagreement with the company or issues related to its operations, policies, or practices.
On Friday, the board of directors appointed Maria Maccecchini, the company’s Chief Executive Officer, to serve as Acting Chief Financial Officer. Annovis Bio stated that it is actively searching for a replacement Chief Financial Officer.
Annovis Bio is a pharmaceutical company incorporated in Delaware and headquartered in Malvern, Pennsylvania. The information in this article is based on a press release statement included in the company’s SEC filing.
In other recent news, Annovis Bio, Inc. announced it has successfully secured intellectual property protection for both the original semi-crystalline and new crystalline forms of its drug candidate, buntanetap, extending patent coverage until 2046. This development provides global coverage for the drug, which is being developed for neurodegenerative diseases like Alzheimer’s and Parkinson’s. Meanwhile, H.C. Wainwright has adjusted its price target for Annovis Bio to $12.00 from $30.00, while maintaining a Buy rating. This revision follows the company’s recent equity financing and the potential for future equity issuances. Additionally, Canaccord Genuity has also lowered its price target for Annovis Bio to $17.00 from $26.00, but similarly retained a Buy rating. Analysts at Canaccord have revised their financial model after the company’s first-quarter results for 2025, maintaining a 25% probability of approval for buntanetap and anticipating a market launch in 2028. The ongoing Phase 3 trial for buntanetap aims to establish the drug’s safety and efficacy in early Alzheimer’s disease across approximately 750 patients in the United States.
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