SAVA - CASSAVA ALERT: Bragar Eagel & Squire P.C. is Investigating Cassava Sciences Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, April 05, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Cassava Sciences, Inc. (NASDAQ:SAVA) on behalf of long-term stockholders following a class action complaint that was filed against Cassava on February 2, 2024 with a Class Period from August 18, 2022 to October 12, 2023. Our investigation concerns whether the board of directors of Cassava have breached their fiduciary duties to the company.
Cassava is a clinical-stage biotechnology company. The Company's lead therapeutic drug candidate is PTI-125 (or "simufilam"), a small molecule drug for the proposed treatment of Alzheimer's disease.
In March 2020, Cassava initiated a long-term, open-label study to evaluate the long-term safety and tolerability of simufilam 100 mg twice daily for 12 or more months in patients with Alzheimer's disease and to assess exploratory efficacy endpoints, such as changes in cognition, and biomarkers.
Then, in August 2021, a Citizen Petition requested the United States Food & Drug Administration ("FDA") to halt any phase 3 trials of simufilam due to concerns regarding data manipulation. Specifically, the Citizen Petition referenced "grave concerns about the quality and integrity of the laboratory-based studies surrounding this drug candidate and supporting the claims for its efficacy."
However, in response, Cassava denied the allegations in the Citizen Petition and instead touted the effectiveness of simufilam and ...