Berwyn, Pennsylvania--(Newsfile Corp. - July 20, 2021) - Annovis Bio, Inc. (NYSE:ANVS), ("Annovis" or the "Company"), a clinical-stage drug platform company addressing Alzheimer's disease (AD), Parkinson's disease (PD) and other neurodegenerative diseases, with data from two phase 2 studies showing its lead compound improves cognition in AD patients and motor function in PD patients, today announced that the Data Safety Monitoring Board (DSMB) has reviewed the safety and tolerability data for Cohort 2 of the Company's Phase 2 AD trial and has approved the study to proceed with Cohort 3, the final cohort of the study. Funding for this clinical research was provided by a grant from the National Institutes on Aging and the study is run by the Alzheimer's Disease Cooperative Study (ADCS) at University of California San Diego School of Medicine.

"We are extremely pleased to have the DSMB's approval to move to our third and final cohort of our DISCOVER Phase 1/2 AD trial," stated Howard Feldman, MD, Director of the ADCS and Professor of Neurosciences at UC San Diego School of Medicine. "With Cohort 3 now open, without modification, our trial sites are now able to screen patients and are expected to reach full enrollment for this trial. We are encouraged by this trial's progress in evaluating multiple doses and effects on amyloid beta peptide production and clearance and are hopeful, looking forward to the final trial results."

Headquartered in Berwyn, Pennsylvania, Annovis Bio, Inc. (Annovis) is a clinical-stage, drug platform company addressing neurodegeneration, such as Alzheimer's disease (AD), Parkinson's disease (PD) and Alzheimer's in Down Syndrome (AD-DS). We believe that we are the only company developing a drug for AD, PD and AD-DS that inhibits more than one neurotoxic protein and, thereby, improves the information highway of the nerve cell, known as axonal transport. When this information flow is impaired, the nerve cell gets sick and dies. We have two ongoing Phase 2 studies: one in AD patients and one in both AD and PD patients. In the AD/PD study our drug improves memory loss and dementia associated with AD, as well as body and brain function in PD. For more information on Annovis, please visit the company's website: www.annovisbio.com

Statements in this press release contain "forward-looking statements" that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "expect," "believe," "will," "may," "should," "estimate," "project," "outlook," "forecast" or other similar words, and include, without limitation, statements regarding the timing, effectiveness, and anticipated results of ANVS401 clinical trials. Forward-looking statements are based on Annovis Bio, Inc.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Annovis Bio, Inc. undertakes no duty to update such information except as required under applicable law.