Cassava Sciences Issues Statement on Former Science Advisor

Cassava Sciences Issues Statement on Former Science Advisor

Written by Customer Service on . Posted in Public Companies.

AUSTIN, Texas, June 28, 2024 (GLOBE NEWSWIRE) — Cassava Sciences, Inc. (Nasdaq: SAVA), reported it has learned today that a federal grand jury returned an indictment charging Hoau-Yan Wang for allegedly defrauding the U.S. National Institutes of Health (NIH). Hoau-Yan Wang was a tenured medical professor at a public university’s medical school as well as a former paid science advisor to Cassava Sciences.

According to public court documents, Dr. Wang engaged in illegal behavior to defraud the government through grant applications made to the NIH, resulting in the award of approximately $16 million in grants approximately 2017 to 2021 on behalf of himself and the Company. Wang’s work under these grants was related to the early development phases of the Company’s drug candidate and diagnostic test and how these were intended to work.

Dr. Wang and his former public university medical school have had no involvement in the Company’s Phase 3 clinical trials of simufilam.

Simufilam is the Company’s lead drug candidate proposed for treatment of Alzheimer’s disease.

For More Information Contact:

Eric Schoen, Chief Financial Officer
(512) 501-2450 or ESchoen@CassavaSciences.com

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.