Shares of Cassava Sciences fell more than 12% on Tuesday after CEO Remi Barbier said Phase 3 trials of experimental Alzheimer drugs could take longer, according to a statement.
- The CEO said the company has dosed 60 subjects across two Phase 3 trials, compared to the targeted 1,740 patients. He said 170 patients are on screening.
- Barbier said that “it’s too soon to project enrollment rates for the Phase 3 studies,” and that he expects a steady enrollment rate when all 175 clinical trial sites are activated. He pointed out that Phase 3 trials take longer to finalize.
- Cassava stock crashed again in August, after concerns were raised over the quality of studies for its experimental Alzheimer drug. The claims raised a petition, which was later thrown away by the US Food and Drug Administration.
The fall in the Cassava happens after a six-fold increase in 2021, with the stock so far having lost a fifth of its value in the year. SAVA: NASDAQ is down -12.49%.