What's Going On With Cassava Sciences Shares Today?

Cassava Sciences, Inc. SAVA saw its stock price surge Wednesday following a major announcement regarding its Alzheimer’s treatment, simufilam.

What Happened: At last check, the company is trading at $22.22 per share — up 26.47%.

Cassava revealed plans to extend its open-label extension trials for up to an additional 36 months. This extension will allow patients who have participated in previous randomized trials to continue their treatment while the results from ongoing Phase 3 trials are awaited.

The company’s decision to extend the trials aims to provide a bridge for patients, ensuring they can remain on treatment even after completing the blinded trials. Additionally, Cassava plans to include cognition and plasma biomarker monitoring in these extended trials to gather more long-term data on the efficacy and safety of simufilam.

What Else: Cassava Sciences’ leadership emphasized the importance of this move for patients. Executive Chairman Rick Barry stated that extending the trials, despite being a significant commitment for the company, was the best course of action for patients. Chief Medical Officer James Kupiec echoed this sentiment, noting that the expansion was in response to requests from clinical research sites and aligns with the company’s patient-centric approach.

The company is currently conducting two significant Phase 3 studies: RETHINK-ALZ and REFOCUS-ALZ. RETHINK-ALZ is a 52-week trial with 804 patients, and results are expected by the end of 2024. REFOCUS-ALZ is a 76-week trial with 1,125 patients, with top-line results anticipated around mid-2025. These studies are being conducted across multiple sites in the United States, Canada, Puerto Rico, Australia and South Korea.

Cassava Sciences is also set to report its second-quarter earnings on Aug. 13, with an anticipated loss of 40 cents per share, according to Benzinga Pro.

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