Why Cassava Sciences Shares Are Soaring Higher

Cassava Sciences Inc SAVA shares are trading higher by 7.15 to $49.48 during Wednesday's pre-market session after Biogen Inc BIIB and Eisai Co. Ltd. ESALY announced late Tuesday positive results from a late-stage study of their Alzheimer’s treatment candidate.

Cassava Sciences is also developing a scientific approach for the treatment and detection of Alzheimer's disease. Its therapeutic product candidate is called simufilam, and it is a novel treatment for Alzheimer's disease; and investigational diagnostic product candidate is called SavaDx, and it is a novel way to detect the presence of Alzheimer's disease from a small sample of blood, possibly years before the overt appearance of clinical symptoms.

What Happened?

Biogen and Eisai announced Lecanemab treatment met the primary endpoint and reduced clinical decline on the global cognitive and functional scale, CDR-SB, compared with placebo at 18 months by 27%, which represents a treatment difference in the score change of -0.45 (p=0.00005) in the analysis of Intent-to-treat (ITT) population.

The companies said starting as early as six months, across all time points, the treatment showed highly statistically significant changes in CDR-SB from baseline compared to placebo (all p-values are less than 0.01).

In addition, all key secondary endpoints were also met with highly statistically significant results compared with placebo (p<0.01).

"Today's announcement gives patients and their families hope that lecanemab, if approved, can potentially slow the progression of Alzheimer's disease, and provide a clinically meaningful impact on cognition and function," said Michel Vounatsos, Chief Executive Officer at Biogen.

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According to data from Benzinga Pro, Cassava Sciences Inc has a 52-week high of $100.00 and a 52-week low of $13.84.