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Biotech / Medical : Immunomedics (IMMU) - moderated
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From: erickerickson9/26/2024 6:58:35 PM
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Cassava Sciences Resolves SEC Investigation

To the tune of $40M

A couple of excerpts...
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AUSTIN, Texas, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (“Cassava” or the “Company”) (Nasdaq: SAVA), a biotechnology company focused on Alzheimer’s disease, today announced that it has reached a settlement with the U.S. Securities and Exchange Commission (“SEC”) of negligence-based disclosure charges that resolve a previously-disclosed SEC investigation into statements made by the Company pertaining to the results of its 2020 Phase 2b clinical trial of simufilam and related matters. Two former senior employees of the Company also settled negligence-based disclosure charges brought by the SEC.

Cassava, without admitting or denying the SEC’s allegations, agreed to pay a monetary penalty of $40 million. The Company cooperated fully with the SEC’s investigation and has implemented remedial measures.

In connection with the previously-disclosed investigation by the Department of Justice (“DOJ”), the Company does not currently anticipate that DOJ’s Criminal Division will bring charges against or seek a resolution with the Company.
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As previously announced, Cassava’s net cash use in operations for the second half of 2024 is expected to be $80 to $90 million, which includes the $40 million monetary penalty related to this resolution. The Company maintains its estimate that cash at year-end 2024 will be in a range of $117 to $127 million.
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