Welcome to our dedicated page for Cassava Sciences news (Ticker: SAVA), a resource for investors and traders seeking the latest updates and insights on Cassava Sciences stock.
Cassava Sciences, Inc. (NASDAQ: SAVA) is a clinical-stage biotechnology company based in Austin, Texas that reports extensively on its efforts to develop simufilam, a proprietary, investigational oral small molecule for central nervous system (CNS) disorders. Recent news emphasizes a strategic shift toward tuberous sclerosis complex (TSC)-related epilepsy, following the discontinuation of its Alzheimer’s disease program after two Phase 3 trials did not meet their pre-specified endpoints.
News updates for SAVA commonly cover preclinical and clinical development milestones. Cassava has announced preclinical studies in mouse models of TSC-related epilepsy and focal cortical malformations, reporting that simufilam reduced seizure activity and alleviated neuronal abnormalities. The company also highlights presentations at scientific meetings, such as the TSC International Research Conference, where it shared data on seizure reduction and human safety findings from prior Alzheimer’s Phase 3 studies.
Regulatory and corporate developments are another key theme in Cassava’s news flow. Items include disclosures about the FDA placing the proposed proof-of-concept trial of simufilam in TSC-related epilepsy on full clinical hold pending additional data and protocol changes, as well as updates on the timing implications for clinical trial initiation. Investors also see announcements about leadership appointments in neuroscience and clinical development, board changes, participation in investor conferences, and financial results with commentary on cash resources and expense management.
Litigation and legal matters feature in Cassava’s news as well. The company has reported a binding term sheet to settle a consolidated securities class action for $31.25 million, subject to court approval, and has discussed related loss contingencies in its financial communications. For anyone tracking SAVA, this news page provides ongoing coverage of scientific publications, regulatory interactions, corporate governance changes, and financial and legal updates related to Cassava’s CNS drug development programs.
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.
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