Cassava Sciences, Inc. (Nasdaq: SAVA) announced today that Hoau-Yan Wang, a former paid science advisor to the company, has been indicted by a federal grand jury for allegedly defrauding the U.S. National Institutes of Health (NIH). Dr. Wang, who was a tenured medical professor at a public university’s medical school, is accused of engaging in illegal behavior to secure approximately $16 million in grants from the NIH between 2017 and 2021. These grants were intended for research related to the early development of Cassava Sciences’ drug candidate and diagnostic test.
It is important to note that Dr. Wang’s work under these grants did not involve the Company’s Phase 3 clinical trials of simufilam, which is Cassava Sciences’ lead drug candidate for the treatment of Alzheimer’s disease. Despite his former affiliation with the company, Dr. Wang and his former university have no involvement in the current research and development efforts for simufilam.
For more information on this matter, please contact Eric Schoen, Chief Financial Officer of Cassava Sciences, at (512) 501-2450 or via email at ESchoen@CassavaSciences.com.
President Joe Biden had a medical checkup after his debate last week and assured Democratic…
During a meeting with representatives from Signify Philips and Gila companies, Dr. Mostafa Madbouly, Prime…
The body of former high jump world champion Jacques Freitag has been discovered by South…
Rogers Communications and its network partner Ericsson successfully trialed 5G Cloud-Radio Access Network (Cloud RAN)…
Researchers from Griffith University and Southern Cross University in Australia have developed a new form…
Amazon founder Jeff Bezos has announced plans to sell 25 million shares in the tech…