On June 28, 2024, Cassava Sciences, Inc. (Nasdaq: SAVA) announced that Hoau-Yan Wang has been indicted for alleged fraud against the U.S. National Institutes of Health (NIH). Wang, a tenured medical professor at a public university’s medical school and a former paid science advisor to Cassava Sciences, is accused of engaging in illegal activities to defraud the government through NIH grant applications totaling approximately $16 million between 2017 and 2021.
Wang’s work under these grants was related to the early development phases of the Company’s drug candidate and diagnostic test, focusing on how they were intended to function. It is important to note that Wang and his former university have not been involved in the Company’s Phase 3 clinical trials of simufilam, Cassava Sciences’ lead drug candidate for Alzheimer’s disease.
For more information on this matter, please contact Eric Schoen, Chief Financial Officer, at (512) 501-2450 or via email at ESchoen@CassavaSciences.com.