Cassava Stock Plunges as Alzheimer’s Drug Fails Late-Stage Study | Global News Avenue

Cassava Science (Savoie) shares plunged in pre-market trading after the biotech said its experimental drug Simufilam, designed to treat Alzheimer’s disease (AD), failed to show “significant reduction in cognitive or functional decline.” Lost most of its value. Phase 3 trial treatment.

The drug is designed to treat people with mild to moderate Alzheimer’s, which the Mayo Clinic describes as the most common cause of dementia.

“The results are disappointing for patients with this disease and their families, as well as for doctors who are always looking for new treatment options,” Chief Executive Officer (CEO) Rick Barry said in a statement.

CEO Barry says company plans to halt another late-stage study of the drug

“We took careful steps to recruit patients with mild to moderate AD. Nonetheless, cognitive loss in the placebo group was less pronounced than previously reported in other placebo-controlled studies of AD,” he added.

Barry said the failure of Simufilam’s late-stage trial means the company will halt another late-stage study and an open-label study of the drug. According to the National Cancer Institute, an open-label or non-blinded study is one in which both the health care provider and the patient know the drug or treatment being used.

The company agreed in September $40 million settlement and Securities and Exchange Commission (SEC) accusations of manipulation clinical trial Data related to its Alzheimer’s disease drug.

Cassava Sciences shares plunged 80% in premarket trading, bringing their year-to-date gains to about 18%.