Cassava falls after stopping development of Alzheimer's drug

Shares of drug developer Cassava Sciences SAVA.O fall 21.4% to $2.20 premarket

SAVA says it will discontinue the development of its experimental treatment, simufilam, for Alzheimer's disease, by the end of Q2

In trials, the drug failed to significantly reduce cognitive or functional decline in patients with mild-to-moderate Alzheimer's disease, compared to placebo

In November, co said it would stop all trials of the drug

The drug has been at the center of scrutiny after a medical professor linked to its development was charged with fraud in June

Stock fell 89.4% since Nov 2024