Federal regulators filed charges against Cassava Sciences, Inc. over allegations that it manipulated data for the Alzheimer’s disease drug simufilam and misled investors, and Cassava, two former executives and a scientist affiliated with the company have agreed to pay penalties to settle the charges.
The Austin, TX-based biotech said 26 September that it resolved an investigation into the company by the Securities and Exchange Commission – the same day the SEC charged the company, former CEO Remi Barbier and former senior vice president of neuroscience Lindsay Burns over misleading statements regarding results of a Phase II trial of simufilam announced in September 2020
Key Takeaways
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The SEC filed charges against Cassava, two former executives and a consulting scientist over alleged manipulation of data in 2020 that misled investors about simufilam’s efficacy.
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The four parties will pay more than $40m to settle the charges, without admitting or denying the allegations
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