Cassava Sciences Inc.
NEWS
Despite the settlement, the Securities and Exchange Commission on Thursday sued Cassava Sciences in the Western District Court of Texas, claiming that the company misled investors regarding the Phase IIb performance of its Alzheimer’s disease drug candidate.
As the DOJ and SEC look into two of its senior employees, Cassava Sciences’ CEO and one senior vice president have departed the company.
The biopharma’s data manipulation controversy continues with a recently leaked City University of New York report, which found signs of “egregious” and “deliberate” misconduct by a company advisor.
Cassava Sciences reported Phase II data from its Alzheimer’s candidate simufilam Tuesday. The company’s stock dropped 17% following the reveal.
Cassava filed a lawsuit in federal court against individuals linked to a Citizen’s Petition filed with the FDA that raised concerns about data manipulation in a clinical study of simufilam.
Cassava Sciences has been informed by the Journal of Prevention of Alzheimer’s Disease that there is no evidence to support the charges, the company said Thursday.
Researchers have found that two common viruses—the varicella zoster and herpes simplex viruses—likely constitute a pathway that leads to Alzheimer’s disease.
The probe will be led by investigators experienced in determining whether or not entities have defrauded consumers, investors or government agencies.
The data used to support the argument that Aβ*56 is responsible for the Alzheimer’s Disease hallmark of memory loss appears to have been fabricated or heavily tampered with.
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