Recently, Cassava Sciences, Inc., a Nasdaq-listed company with the ticker symbol SAVA, received news about an indictment against Hoau-Yan Wang for defrauding the U.S. National Institutes of Health (NIH). Dr. Wang, who was previously 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 related to grant applications made to the NIH between 2017 and 2021. These actions led to grants totaling approximately $16 million for the early development of the company’s drug candidate and diagnostic test.
Despite his previous involvement with Cassava Sciences, Dr. Wang and his former university have had no part in the company’s Phase 3 clinical trials of simufilam, its lead drug candidate for the treatment of Alzheimer’s disease.
For further information or media inquiries, individuals can contact Eric Schoen, Chief Financial Officer of Cassava Sciences, at (512) 501-2450 or via email at ESchoen@CassavaSciences.com.