Takeaways from the Key Notes
- Cassava Sciences stock is plummeting in premarket trades and losing most of its value after the biotech firm announced that its experimental Simufilam medication aimed at treating Alzheimer’s disease failed an advanced-stage study.
- The drug was designed to treat patients with mild to moderate Alzheimer’s.
- Simufilam’s second late-stage drug trial has been discontinued.
Cassava Sciences (SAVA) shares are plunging in premarket trading and are losing most of their value after the biotech firm said its experimental Simufilam drug—aimed at treating Alzheimer’s disease (AD)—failed to show a “significant reduction in cognitive or functional decline” During the Phase 3 trial, the treatment was tested.
The drug was intended to treat patients with mild to moderate Alzheimer’s. According to the Mayo Clinic, this is the most common type of dementia.
“The results are disappointing for patients and their families who are living with this disease and physicians who have been looking for novel treatment options,” Rick Barry, Chief Executive (CEO), made a statement.
CEO Barry Says the Company Plans to Discontinue a Late-Stage Drug Study
“We took careful measures to enroll patients with mild-to-moderate AD. Despite that, the loss of cognition in the placebo group was less pronounced than was previously reported in other placebo-controlled studies in AD,” He added.
Barry said the failure of Simufilam’s late-stage trials means that the company will stop a late-stage study as well as an open-label trial of the drug. According to the National Cancer Institute, an open-label study or nonblinded trial is one where both health care providers and patients know what drug or treatment they are receiving.
In September, the company agreed to settle with the Securities and Exchange Commission for $40 million over allegations that it had manipulated data from clinical trials related to its Alzheimer’s disease drug.
Cassava Sciences share prices are down 80% on premarket trade, bringing the gain year-to date to about 18%.
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