Cassava Sciences (SAVA) said late Tuesday that it is reducing its workforce by ten employees, laying off 33% of its workforce in Q1, incurring one-time expenses of $400,000 for the reduction.
The clinical-stage company said it will reduce expenses by halting the planned biomarker analysis of additional plasma samples from previous mid-stage studies of its investigational potential treatments for central nervous system diseases including Alzheimer's disease.
The measures come after the company said a late-stage study of its drug simufilam as a potential treatment for Alzheimer's patients did not meet its endpoints.
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