Cassava Sciences and CEO Remi Barbier Charged by SEC Over Alzheimer's Drug Simufilam, Settle for $40 Million

Sep 26, 2024, 11:57 PM

Cassava Sciences and two former executives, including founder and CEO Remi Barbier and his wife, Lindsay Burns, have been charged by the U.S. Securities and Exchange Commission (SEC) for making misleading claims about the results of clinical trials for their Alzheimer's drug, simufilam. The company and the executives have agreed to pay over $40 million to settle the charges announced on Thursday. The SEC alleges that Cassava Sciences falsified Phase 2 trial data, with manipulated research results that showed no measurable cognitive improvement in patients' episodic memory. A Cassava-affiliated university scientist, Dr. Wang from CUNY, was also charged for manipulating clinical trial results.