Cassava Sciences Inc SAVA shares were trading solidly higher Monday on above-average volume in reaction to updates from the company on clinical programs and upcoming catalysts.
The Austin, Texas-based biopharma is engaged in the development of therapies for neurodegenerative conditions.
Cassava said it plans to expand the size of the ongoing open-label study of its lead candidate simufilam, which is being evaluated for Alzheimer's disease. The company expects to announce results from a second interim analysis from the open-label study, including data on long-term safety, cognition and Alzheimer's-related behavior, when about 50 patients complete 12 months of treatment.
The company also said it plans to initiate a six-month study in patients with Alzheimer's disease who complete at least one year of open-label treatment with simufilam.
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A Phase 3 program, consisting of two studies in patients with mild-to-moderate Alzheimer's disease dementia, is on track to start in the second half of 2021, pending official FDA meeting minutes of the end-of-Phase 2 meeting.
Among the other milestones, the company said it expects to publish Phase 2b study results in a peer-reviewed technical journal.
Cassava said net cash use for the full year is estimated at $20 million to $25 million. At the end of Dec. 31, the company had cash and cash equivalents of about $93 million, according to unaudited results.
SAVA Price Action: At last check, Cassava shares were soaring 47.39% to $66.03.
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