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Cassava Sciences Seeks $200M From Equity Offering At 15% Discount To Fund Development Of Lead Candidate

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  • Cassava Sciences Inc (NASDAQ: SAVA) has entered into a definitive agreement with several institutional investors for the purchase of 4.1 million common shares at $49 per share, for gross proceeds of approximately $200 million, in a registered direct offering. The offer price is at a 15% discount from the last close price of $57.56 on Tuesday.
  • H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering and is expected to close by February 12.
  • Cassava Sciences intends to use the net proceeds to develop simufilam, its lead drug candidate for Alzheimer's disease.
  • Earlier this week, shares rallied after the company announced expanding the size of the ongoing simufilam open-label study and its plans to initiate a six-month study in patients who complete at least one year of open-label treatment with simufilam.
  • Price Action: SAVA dropped 12.7% at $50.27 during premarket trading hours on the last check Wednesday.
 

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