Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Cassava Sciences, Inc. (SAVA)

THE ANGEL–(BUSINESS WIRE) – Glancy Prongay & Murray LLP (“GPM”) is reminding investors of the upcoming October 26, 2021 deadline to file a lead plaintiff in the class action on behalf of investors who have bought or otherwise acquired Cassava Sciences, Inc. (” Cassava ”or the“ Company ”) (NASDAQ: SAVA) securities between September 14, 2020 and August 27, 2021 inclusive (the“ Class Period ”).

If you have suffered a loss on your cassava investments or would like to inquire about whether you would like to make claims under federal securities laws to recover your loss, you can find your contact information at https://www.glancylaw.com/cases/cassava- Submit sciences -inc /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or email [email protected] to learn more about your rights.

Cassava is a clinical stage biotechnology company. Its lead therapeutic product candidate is called Simufilam (formerly PTI-125) and was developed for the treatment of Alzheimer’s disease (“AD”). Simufilam allegedly targets an altered form of a protein called Filamin A (“FLNA”) in the Alzheimer’s brain and returns it to its native, healthy conformation, thereby counteracting the downstream toxic effects of altered FLNA.

On August 24, 2021, after the market closed, reports of a public petition were filed with the US Food and Drug Administration (“FDA”) regarding the accuracy and integrity of clinical data for simufilam. The petition asked the FDA to suspend clinical trials of cassava pending a thorough review of the publications and data on which the company relies. The petition states, among other things, that the “[d]Detailed analysis of the Western blots [relied on by Cassava to support the connection between simufilam and Alzheimer’s] shows a number of anomalies indicative of systematic data manipulation and misrepresentation. ”It also noted that the methodology used for studies“ of the effects of simufilam in experiments performed on post-mortem human brain tissue. . . Defies logic and the data presented again shows signs of manipulation. ”The petition goes on to say that after initial analysis of Phase 2b studies showed that simufilam was ineffective in improving the primary biomarker endpoint, “Cassava had these samples reanalyzed and this time reported that Simufilam quickly and robustly improves a wide range of biomarkers” and the reanalysis “shows signs of data anomalies or manipulation”.

On August 25, 2021, before the market opened, Cassava issued a response to the petition, claiming that the allegations of scientific integrity were false and misleading. Among other things, the company alleged that the clinical data, which was reanalyzed according to the public petition, to show the effectiveness of simufilam, came from Quanterix Corp. (“Quanterix”), an independent company, suggesting that the reanalysis was valid.

Due to this news, the company’s share price fell $ 36.97, or 32%, on an unusually high trading volume, and closed at $ 80.86 per share on August 25, 2021.

On August 27, 2021, prior to the market opening, Quanterix issued a statement rejecting the company’s claims that it “did not interpret the test results or did not prepare the data,” as touted by Cassava.

On the same day, Cassava responded to Quanterix’s testimony, stating that “Quanterix”[s] The sole responsibility in relation to this clinical study was to conduct sample tests, specifically to measure p-tau levels in plasma samples from study participants. ”

As a result of this news, the company’s share price fell $ 12.51, or 17.6%, to close at $ 58.34 per share on August 27, 2021 with unusually high trading volume.

The complaint filed in this class action lawsuit alleges that during the collection period the defendants made materially false and / or misleading statements and disclosed material adverse facts about the company’s business, operations and prospects. In particular, Defendants failed to disclose to investors: (1) that the data underlying the basic research for the product candidates had been tampered with by cassava; (2) that experiments with post-mortem human brain tissue that had been frozen for nearly 10 years ran counter to a basic understanding of neurobiology; (3) that the biomarker analysis for patients treated with simufilam was manipulated to conclude that simufilam was effective; (4) that Quanterix, an independent company, did not interpret the test results or generate the data graphs for biomarker analysis for patients treated with Simufilam; (5) that based on the foregoing, there was a reasonable likelihood that cassava would be subject to regulatory scrutiny in connection with the development of simufilam; and (6) that, based on the foregoing, Defendants’ positive statements about the business, operations, and prospects of the Company were materially misleading and / or improperly based.

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If you have purchased or otherwise acquired cassava securities during the class action period, you have no later than October 26, 2021, to seek appointment as the lead plaintiff in this alleged class action. To become a member of the class action, you do not need to take any action at this point; You can hire a lawyer of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action, or if you have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll free at 888-773-9224, email [email protected], or visit our website at www.glancylaw.com. For inquiries by e-mail, please include your postal address, telephone number and the number of shares purchased.

This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.

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