Cassava Sciences, Inc., a biopharmaceutical company, has reported its ongoing cooperation with the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) regarding investigations into the company and two senior employees. The investigations relate to the company's Phase 2b study of simufilam, a drug candidate for Alzheimer's disease. The SEC has provided new information to Cassava, prompting the Board to empower an Ad Hoc Investigation Committee to conduct an internal investigation. This committee is overseeing the investigation and the company's SEC disclosures related to the matter. Dr. Hoau-Yan Wang, a former scientific collaborator and advisor to Cassava, has been indicted by a federal grand jury for allegedly making false statements in NIH grant...Show More

Cassava Sciences, Inc., a biopharmaceutical company, has reported its ongoing cooperation with the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) regarding investigations into the company and two senior employees. The investigations relate to the company's Phase 2b study of simufilam, a drug candidate for Alzheimer's disease. The SEC has provided new information to Cassava, prompting the Board to empower an Ad Hoc Investigation Committee to conduct an internal investigation. This committee is overseeing the investigation and the company's SEC disclosures related to the matter. Dr. Hoau-Yan Wang, a former scientific collaborator and advisor to Cassava, has been indicted by a federal grand jury for allegedly making false statements in NIH grant applications and manipulating research results related to simufilam. Cassava has terminated its consulting relationship with Dr. Wang and removed him from the Cash Incentive Plan. The company is also supplementing its prior disclosures regarding the Phase 2b study, revealing that certain statistical information could have unblinded Dr. Wang to study participants. Cassava is currently conducting two Phase 3 clinical trials of simufilam, with all efficacy data remaining blinded and independent third-party firms handling bioanalysis. The company cautions that forward-looking statements in the report are subject to risks and uncertainties, and actual results may differ materially.