Cassava Sciences down as Alzheimer's disease drug study fails to impress

Filana Therapeutics

05/07/2023 19:35

** Shares of biotech co Cassava Sciences Inc  SAVA.O  fall
13.6% to $21.8
    ** Co says results from proof-of-concept study of its
experimental drug showed cognitive decline slowed by 38% in 6
months in patients with mild-to-moderate Alzheimer's disease,
compared to placebo, but results not statistically significant
    ** Cognitive decline was 1.5 points on a disease scale in
placebo arm compared to 0.9 points in patients treated with the
SAVA's drug 
    ** Brokerage Jones Research says we would not see lack of
"statistically significant" to be negative for the drug at
6-month time point; adds a 12-18 months to be a more appropriate
time point
    ** Including session losses, stock has fallen ~26% YTD 

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))