Cassava Sciences, Inc., based in Austin, Texas, announced on June 28, 2024, that a federal grand jury has indicted Hoau-Yan Wang for allegedly defrauding the U.S. National Institutes of Health (NIH). Wang, a tenured medical professor at a public university’s medical school and former science advisor to Cassava Sciences, is accused of engaging in illegal behavior to secure approximately $16 million in grants from the NIH between 2017 and 2021 for himself and the company. The grants were intended for research related to the early development phases of the company’s drug candidate and diagnostic test.
While working on these grants, Wang was not involved in the company’s Phase 3 clinical trials of simufilam, which is Cassava Sciences’ leading drug candidate for Alzheimer’s disease treatment.
For more information, individuals can contact Eric Schoen, Chief Financial Officer of Cassava Sciences, at (512) 501-2450 or via email at ESchoen@CassavaSciences.com.