SAVA stock ticks lower after CEO presentation (NASDAQ: SAVA)

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Alzheimer’s drug developer, Cassava Sciences (SAVA -9.1%), has snapped two days of back-to-back gains on Tuesday after an event attended by the company’s Chief Executive Officer Remi Barbier.

The presentation and fireside chat was scheduled to start at 9 am EST today, the clinical-stage biotech said earlier.

Cassava’s (NASDAQ: SAVA) experimental Alzheimer’s therapy simufilam has courted controversy even after the completion of mid-stage studies.

Last August, Cassava (SAVA) shares crashed in reaction to a citizen petition filed by the lawyer, Jordan Thomas, formerly of Labaton Sucharow, raising concerns over the quality of its studies. However, in February, the US Food and Drug Administration (FDA) rejected the petition. During the event, Barbier did not attempt to address the concerns.

Issuing an update on the late-stage program for simufilam in Alzheimer’s, the CEO said that the company has dosed 60 subjects across two Phase 3 trials out of the targeted ~ 1,750 patients. About 170 patients are on screening.

Commenting on the enrollment Barbier said: ā€œI think it’s too soon to project enrollment rates for the Phase 3 studies. I would expect to see a steady enrollment rate we have all 175 clinical trial sites activated. ā€ He said that Phase 3 trials typically take a long time to complete.

After over six-fold rise in 2021, Cassava (SAVA) has lost more than a fifth of its value in the year so far, as shown in this graph.

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