AUSTIN, Texas, June 28, 2024 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (Nasdaq: SAVA), reported it has learned today that a federal grand jury returned an indictment charging Hoau-Yan Wang for allegedly defrauding the U.S. National Institutes of Health (NIH). Hoau-Yan Wang was a tenured medical professor at a public university’s medical school as well as a former paid science advisor to Cassava Sciences.

According to public court documents, Dr. Wang engaged in illegal behavior to defraud the government through grant applications made to the NIH, resulting in the award of approximately $16 million in grants approximately 2017 to 2021 on behalf of himself and the Company. Wang’s work under these grants was related to the early development phases of the Company’s drug candidate and diagnostic test and how these were intended to work.

Dr. Wang and his former public university medical school have had no involvement in the Company’s Phase 3 clinical trials of simufilam.

Simufilam is the Company’s lead drug candidate proposed for treatment of Alzheimer’s disease.

For More Information Contact:

Eric Schoen, Chief Financial Officer
(512) 501-2450 or ESchoen@CassavaSciences.com