ablokhin
The SEC has provided Cassava Sciences (NASDAQ:SAVA) with additional information from an ongoing investigation of the agency’s phase 2b study of Alzheimer’s candidate simufilam.
While the company did not provide details about that information in a Monday SEC filing, it did say it has formed an internal committee of independent directors to conduct an investigation of its own into the SEC’s findings so far.
In addition, the SEC as well as the Department of Justice are also investigating “two senior employees.”
The international investigation is also evaluating the indictment of CUNY School of Medicine Professor Hoau-Yan Wang, a former scientific advisor and collaborator for Cassava, who was indicted by a Maryland grand jury on June 27 on fraud charges related to allegations he falsified early-stage simufilam data to get $16M in research funding from the NIH.
The SEC filing states that Wang’s lab “conducted the final bioanalysis for the Phase 2b Study, which the Company reported as part of the final results of the Phase 2b Study.”
Until it ended its consulting relationship with Wang, he received a stipend of $2000 a month for more than 10 years. In addition, he received 18,571 in stock options, though none have been exercised so far, according to the filing.