Cassava Sciences, Inc. - SAVA STOCK NEWS

Cassava Sciences (Nasdaq: SAVA), a clinical-stage biotechnology company focusing on Alzheimer's disease, has announced a conference call scheduled for Thursday, August 8th, 2024, at 8:30 a.m. Eastern Time. The call aims to discuss recent developments and provide a company update.

Interested parties can access the audio webcast through the company's website or via a direct link. A replay of the webcast will be available for 90 days following the event on Cassava Sciences' Company Presentations page.

This announcement suggests that Cassava Sciences may have significant updates to share regarding their Alzheimer's research or company progress, potentially impacting their stock performance.

Cassava Sciences (Nasdaq: SAVA) has announced an expansion of its open-label extension trials for simufilam in Alzheimer's disease. The trials will be extended by up to 36 months, allowing patients who participated in randomized trials to continue treatment if desired. This extension bridges the gap between trial completion and Phase 3 results reporting.

Key points:

• 89% of Phase 3 patients have chosen to continue open-label treatment
• Cognition and plasma biomarker monitoring will be added to gather long-term data
• Patients who completed the extension trial can now re-enroll
• Two ongoing Phase 3 studies: RETHINK-ALZ (804 patients) and REFOCUS-ALZ (1,125 patients)
• Top-line results expected by end of 2024 for RETHINK-ALZ and mid-2025 for REFOCUS-ALZ

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.