Annovis Bio, a Berwyn-based biotech company, has managed to raise $8.7 million to advance its experimental treatment for Parkinson’s and Alzheimer’s diseases, writes John George for the Philadelphia Business Journal. 

The company raised the funds in two transactions, including one that involved investment from its executive team and board members. 

Most of the funding was secured through an equity offering sales agreement Annovis Bio had previously negotiated with BofA Securities and ThinkEquity. As part of the agreement, the company sold 704,000 shares of its common stock to BofA and ThinkEquity for $10.88 per share, for a total of around $7.66 million. 

Meanwhile, the second transaction involved the sale of 84,453 shares of the company’s common stock on April 7 at $12.61 per share in a private placement to the board of directors and management members for a total of $1.06 million. 

According to Annovis Bio, which is led by founder and CEO Maria Maccecchini, the proceeds will fund the two ongoing clinical trials of the company’s new drug candidate buntanetap. 

Read more about Annovis Bio in the Philadelphia Business Journal.