Cassava Sciences forms panel after probes by U.S. regulators; shares drop

Filana Therapeutics

01/07/2024 14:25

** Shares of Cassava Sciences  SAVA.O  fall 16.8% to $10.28
premarket 
    ** Biotech co says its board is forming a committee to
direct an investigation into two of its senior employees, amid
probes by U.S. regulators
    ** Co says it has been engaging with both the U.S.
Department of Justice and the U.S. Securities and Exchange
Commission on investigations into the two employees
    ** Federal prosecutors on Friday charged a medical
professor, Hoau-Yan Wang, for allegedly submitting false data to
get millions of dollars in public funds for research into a drug
to treat Alzheimer's disease on behalf of himself and an unnamed
company
    ** In 2021, two physicians unaffiliated with Cassava alleged
the research underpinning its Alzheimer's drug, called
simufilam, was based on manipulated and misrepresented data 
    ** Up to last close, stock down 45.1% YTD 

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))