- Cassava Sciences has plummeted more than 40% after a Maryland grand jury indicted a Cassava Sciences (NASDAQ:SAVA) paid consultant and researcher on fraud charges.
- The charges against CUNY School of Medicine Professor Hoau-Yan Wang for falsifying data are regarding Cassava’s Alzheimer’s drug, simufilam, that Wang used to apply for NIH grants. A total of $16M was awarded to Cassava based on Wang’s data, according to the indictment.
- “From approximately May 2015 through approximately April 2023, Wang allegedly engaged in a scheme to fabricate and falsify scientific data in grant applications made to the NIH on behalf of himself and the biopharmaceutical company,” a Justice Department news release reads.
- The $16M in grants was dispersed between 2017 and 2021, “part of which funded Wang’s laboratory work and salary,” according to the DoJ.
- This is breaking news…updates to come.
2024-06-28