A recent development has seen Cassava Sciences, Inc., a Nasdaq-listed company (SAVA), receiving news about an indictment against Hoau-Yan Wang for defrauding the U.S. National Institutes of Health (NIH). Dr. Wang, a tenured medical professor at a public university’s medical school and a former paid science advisor to Cassava Sciences, is alleged to have engaged in illegal activities in relation to grant applications made to the NIH. These actions led to grants totaling approximately $16 million awarded between 2017 and 2021 for the early development of the company’s drug candidate and diagnostic test.
However, despite his previous involvement, Dr. Wang and his former university have had no part in Cassava Sciences’ Phase 3 clinical trials of simufilam, the company’s lead drug candidate for the treatment of Alzheimer’s disease.
For further information regarding this matter, individuals may contact Eric Schoen, Chief Financial Officer of Cassava Sciences at (512) 501-2450 or via email at ESchoen@CassavaSciences.com.
