Cassava and SEC settle charges
Texas-based Cassava Sciences (Nasdaq: SAVA) was trading 13% lower in Friday’s pre-market activity on negative news.
This follows the US Securities and Exchange Commission’s (SEC) announcement that Cassava, its founder and former chief executive, Remi Barbier, and former senior vice president of neuroscience, Lindsay Burns, will pay more than $40 million to settle charges related to misleading statements made in September 2020 about the results of a Phase II trial for the company’s purported Alzheimer’s disease drug, simufilam.
In a related order, the SEC charged Cassava consultant Hoau-Yan Wang, an associate medical professor at the City University of New York’s Medical School and the therapeutic’s co-developer, for manipulating the reported trial results.
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