SEC Charges Cassava Sciences Over Manipulated Alzheimer's Trial Data, Company And Former Execs Agree To Pay Penalty

Benzinga09-27

Alzheimer’s drug developer Cassava Sciences Inc (NASDAQ:SAVA), its founder Remi Barbier, and former Senior VP of Neuroscience Lindsay Burns have agreed to pay over $40 million to resolve SEC charges ...

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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSEC Charges Cassava Sciences Over Manipulated Alzheimer's Trial Data, Company And Former Execs Agree To Pay Penalty\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-09-27 20:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/sec-charges-cassava-sciences-over-122803570.html><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Alzheimer’s drug developer Cassava Sciences Inc (NASDAQ:SAVA), its founder Remi Barbier, and former Senior VP of Neuroscience Lindsay Burns have agreed to pay over $40 million to resolve SEC charges ...</p>\n\n<a href=\"https://finance.yahoo.com/news/sec-charges-cassava-sciences-over-122803570.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SAVA","symbol_name":"Cassava Sciences Inc","start_time":0,"source_url":"https://finance.yahoo.com/news/sec-charges-cassava-sciences-over-122803570.html","article_id":"2470570020","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/_bMSjamUvY9IaCyIeeYIYg--~B/aD01NjM7dz0xMDAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/Benzinga/146d1d73eb3b769e2f1f0009acb1c92c"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2470570020","pubTimestamp":1727440083,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Alzheimer’s drug developer Cassava Sciences Inc , its founder Remi Barbier, and former Senior VP of Neuroscience Lindsay Burns have agreed to pay over $40 million to resolve SEC charges over misleading statements related to a Phase 2 trial of the company’s controversial Alzheimer’s drug, simufilam.The SEC also charged Hoau-Yan Wang, a consultant and co-developer of the drug, with manipulating trial results.The SEC’s investigation found that in September 2020, Cassava disclosed manipulated data from the trial, which falsely suggested dramatic improvements in Alzheimer’s biomarkers like total tau and phosphorylated tau.According to the SEC, Dr. Wang, who was unblinded to certain trial data, used this knowledge to select a subset of patients, creating an illusion of significant efficacy.Cassava later published this manipulated data in a press release and investor deck.Further allegations highlight that Cassava and its executives, including Barbier and Burns, misled investors by promoting ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SAVA":"Cassava Sciences Inc","BK4080":"零售业房地产投资信托","BK4231":"零售房地产信托","SAVAW":"Cassava Sciences Warrants","ADC":"艾格里房产","BK4547":"WSB热门概念","BK4585":"ETF&股票定投概念","BK4588":"碎股","BK4007":"制药"},"translate_title":"SEC指控Cassava Sciences操纵阿尔茨海默病试验数据，公司和前高管同意支付罚款","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ADC":1,"SAVA":1,"SAVAW":0.9},"content_text":"Alzheimer’s drug developer Cassava Sciences Inc (NASDAQ:SAVA), its founder Remi Barbier, and former Senior VP of Neuroscience Lindsay Burns have agreed to pay over $40 million to resolve SEC charges over misleading statements related to a Phase 2 trial of the company’s controversial Alzheimer’s drug, simufilam.\nThe SEC also charged Hoau-Yan Wang, a consultant and co-developer of the drug, with manipulating trial results.\nThe SEC’s investigation found that in September 2020, Cassava disclosed manipulated data from the trial, which falsely suggested dramatic improvements in Alzheimer’s biomarkers like total tau and phosphorylated tau.\nAccording to the SEC, Dr. Wang, who was unblinded to certain trial data, used this knowledge to select a subset of patients, creating an illusion of significant efficacy.\nCassava later published this manipulated data in a press release and investor deck.\nFurther allegations highlight that Cassava and its executives, including Barbier and Burns, misled investors by promoting the drug’s ability to improve cognition in Alzheimer’s patients significantly.\nThe SEC claims the company cherry-picked patient data, failing to disclose that the full dataset showed no measurable cognitive benefit.\nMoreover, Wang’s role in the trial, and his vested interest in its success, was not made transparent to investors.\nAs part of the settlement, Cassava, Barbier, and Burns have agreed to pay penalties of $40 million, $175,000, and $85,000, respectively. Barbier and Burns will also be banned from serving as officers or directors for three and five years, respectively.\nWang, while neither admitting nor denying the charges, agreed to cease future violations and pay a $50,000 fine.\nIn July, CEO Rick Barry wrote a letter to shareholders and employees, saying that the company is in the final stages of testing simufilam and has significant financial and emotional stakes.\nMost recently, Cassava Sciences reported the completion of its third interim safety review for simufilam.\nThe Data and Safety Monitoring Board (DSMB) reviewed patient safety data from Cassava’s Phase 3 trials but did not assess the drug’s efficacy. The DSMB recommended both trials continue without any changes.\nPrice Action: SAVA stock is down 10.90% at $28.40 during the premarket session at last check Friday.\nRead Next:\n\nMicron’s AI-Driven HBM Demand and Data Center Growth to Fuel Stock Upside, Analysts Say.\n\nUNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.\nGet the latest stock analysis from Benzinga?\n\nThis article SEC Charges Cassava Sciences Over Manipulated Alzheimer's Trial Data, Company And Former Execs Agree To Pay Penalty originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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