Cassava Sciences, Inc. - SAVA STOCK NEWS

Cassava Sciences (Nasdaq: SAVA) has announced significant changes in its executive leadership and corporate governance. Rick Barry has been appointed as Executive Chairman and principal executive officer, replacing Remi Barbier, who has resigned as President, CEO, and from the Board. The company has initiated a search for a new permanent CEO.

Additionally, Lindsay Burns, Ph.D., SVP of Neuroscience, is leaving the company but will provide consulting services for a year. Cassava is implementing several initiatives to enhance transparency and accountability, including:

• Separating Chairman and CEO roles
• Commitment to scientific rigor and honest transparency
• Ensuring integrity of clinical trial results
• Improving communication with stakeholders

The company remains focused on developing a potential Alzheimer's treatment while adhering to high ethical standards.

Cassava Sciences (Nasdaq: SAVA) announced that a federal grand jury indicted Dr. Hoau-Yan Wang, a former science advisor and tenured medical professor, for allegedly defrauding the U.S. National Institutes of Health (NIH). The indictment claims Dr. Wang engaged in illegal activities related to grant applications between 2017 and 2021, resulting in approximately $16 million in grants. These grants were connected to the early development phases of Cassava's drug candidate and diagnostic test. The company emphasized that Dr. Wang and his former university have no involvement in the Phase 3 clinical trials of simufilam, their lead drug candidate for Alzheimer's disease treatment.

Cassava Sciences reported strong financial results for Q1 2024, with $126.3 million in total gross proceeds from warrants. Over 1,900 Alzheimer's patients are enrolled in Phase 3 trials of Simufilam, with positive clinical updates. Net income was $25.0 million, a significant improvement from a net loss of $24.3 million in 2023. Cash use for operations is expected to be $35 to $45 million for the first half of 2024.

Cassava Sciences, a biotechnology company focused on Alzheimer's disease, announced over $125 million in gross proceeds from the cash-exercise of warrants, resulting in the issuance of approximately 5.7 million common shares at $22.00 per share. The net proceeds of over $123 million will be used for working capital and the development of their lead drug candidate, simufilam, for Alzheimer's treatment.

May 2, 2024, is the last day to trade SAVAW warrants on NASDAQ, with May 6, 2024, being the final day to cash-exercise the warrants. Holders can use the Notice of Guaranteed Delivery for warrant exercises. Failure to exercise warrants by May 6 will result in redemption at a nominal price. Detailed information is available on the company's website.

Cassava Sciences, Inc. announces the redemption date for warrants, with May 6, 2024, being the last day to exercise them. Holders will receive 1.5 shares of common stock per warrant, with a redemption price of $0.001 per warrant if not exercised by the deadline. The company urges holders to act promptly to avoid missing the deadline.

Cassava Sciences, Inc. announces positive interim safety review of simufilam in Phase 3 trials for Alzheimer's disease treatment. DSMB recommends trials continue as planned. Final clinical safety data expected at program conclusion.

Cassava Sciences to Present Oral Simufilam Data at AD/PD 2024 Conference

Cassava Sciences, Inc. reported $121.1 million in cash and cash equivalents at December 31, 2023, with an additional $21.8 million raised in 2024. The company's Phase 3 studies have over 555 participants, with topline data readout expected year-end 2024. An internal investigation found no evidence of research misconduct. Net loss for 2023 was $97.2 million, with increased R&D and G&A expenses. Corporate highlights include dividend distribution, positive safety findings, new Board members, and biological activity confirmation of simufilam.