About the Company
Cassava Sciences is an American pharmaceutical company based in Austin, Texas. The company was founded in 1998 by chief executive officer and president Remi Barbier as Pain Therapeutics, Inc., changing its name in 2019. Cassava is developing simufilam (previously known as PTI-125 and sumifilam), an oral-tablet drug candidate for the treatment of Alzheimer's disease; simufilam is in phase III clinical trials as of 2022. Reuters reported on July 27, 2022, that the United States Department of Justice (DOJ) is investigating Cassava Sciences over research results related to the experimental drug. A citizen petition attempting to suspend the clinical trials was filed with the Food and Drug Administration (FDA), but the FDA said that the citizen petition "was not a proper avenue" to stop the trials in February 2022. Cassava Sciences has denied any wrongdoing and raised concerns about the motivations behind the FDA petition. The U.S. Securities and Exchange Commission (SEC), the U.S. National Institutes of Health (NIH), and City University of New York (CUNY) were also investigating allegations of manipulated data.Cassava (as Pain Therapeutics) initially worked on three drugs: the pain drugs Oxytrex and Remoxy, and PTI-901, which aimed to treat irritable bowel syndrome. The company had no drug approved as of 2021, and no product revenues between 2013 and 2021; with 25 employees, the company's stock was the sixth-best performing in 2021 before falling after the FDA petition.
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