Cassava falls after failing in second late-stage trial
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
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