Cassava falls after failing in second late-stage trial

Filana Therapeutics

25/03/2025 13:44

Updates

** Shares of drug developer Cassava Sciences SAVA.O fall 24% to $2.12

** SAVA says its Alzheimer's drug, simufilam, failed in another late-stage study

** SAVA, which had disclosed plans to stop trials of the drug late last year, said it will phase out development programs by the end of Q2

** Simufilam failed to significantly reduce cognitive or functional decline in patients with mild-to-moderate Alzheimer's disease in two trials, compared to placebo

** The drug has been at the center of regulatory scrutiny after a medical professor linked to its development was charged with fraud last year

** Co paid a $40 million penalty last year to settle allegations about making misleading claims in 2020 about the results from previous studies of the drug

** Stock fell 89.4% since November 2024

 (Reporting by Siddhi Mahatole)

 ((siddhi.mahatole@thomsonreuters.com))