- Cassava Sciences Inc SAVA has garnered attention recently after a citizen petition with the FDA suggested that the use of Alzheimer's candidate data is based on manipulation and misrepresentation.
- Related: Cassava Sciences Shares Sink With Alzheimer's Drug Mired In Controversy.
- Now, the company's CEO is fighting back. "Let me be very clear: I think these allegations are false," Barbier said — a quote unlikely to soothe investors' opinion of the company.
- In a lengthy public statement, Cassava CEO Remi Barbier called out a "short attack" on the company's stock while doing little to respond to a series of allegations directly.
- Barbier said, "there are some short-sellers who make outlandish allegations, then make a killing when the stock price declines," which he dismissed as little more than "inflammatory."
- But Barbier did add more detail to counter the allegations about the Western blot analysis. He noted that the company doesn't have access to the original data analysis performed at the CUNY lab. Barbier said he had asked CUNY to investigate the lab and make the findings public.
- Meanwhile, Barbier admitted that there were two "visual errors" in recent data presentations, but he didn't specify which images were found to be incorrect. "In all cases, the data analysis is correct; the visual display of the data is not correct," he said.
- Read Next: Why This Cassava Sciences Analyst Is Dropping Coverage.
- Price Action: SAVA shares are down 3.07% at $52.68 during the market session on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
