Cassava charged by US SEC for misleading Alzheimer's drug trial claims, shares fall

Filana Therapeutics

26/09/2024 23:02

** Shares of Cassava Sciences  SAVA.O  decline ~16% to
$26.75 in extended trading 
    ** U.S. Securities and Exchange Commission charged SAVA and
its two former executives for misleading claims about results
from clinical trials of an experimental Alzheimer's drug 
    ** SEC said SAVA's founder and former CEO, Remi Barbier, and
another executive will pay more than $40 mln to settle charges 
    ** SAVA recently named Richard Barry as its new CEO; Barbier
had resigned earlier this year after a medical professor linked
to SAVA was accused of fabricating data and charged with fraud
regarding Alzheimer's drug research 
    ** As of last close, SAVA shares up ~42% YTD

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))