Filana Therapeutics controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2024
Research-fraud and securities-fraud proceedings
The DOJ charged adviser Hoau-Yan Wang over alleged falsification connected with simufilam research and NIH grant applications. The SEC separately charged the company, Wang, Remi Barbier, and Lindsay Burns over alleged misleading statements and omissions concerning trial data and interests in the program. The SEC matter was settled without admissions of wrongdoing, while the DOJ later dropped its case against Wang.
2022
Cassava Sciences sued over alleged data manipulation and investor statements
Lawsuit filed
Plaintiff Patricia Matranga filed suit against Cassava Sciences' board and upper management, alleging violations of fiduciary duties. The complaint alleges that defendants caused the company to submit manipulated data to the FDA and made materially false and misleading statements to investors concerning simufilam.
Source excerpt
On Tuesday, plaintiff Patricia Matranga filed a suit against the board of directors and upper management of Cassava Sciences, Inc in the Western District of Texas.
The complaint states that “the individual defendants caused the company to submit manipulated data to the U.S Food and Drug Administration and made, or caused the company to make, materially false and misleading statements to the investing public.”
On Tuesday a case was filed in the Western District of Texas by Manhoar Rao, as a proposed class action, against Cassava Sciences Inc., Remo Barbier, and Eric Schoen. The case is regarding violations of federal securities law regarding disclosures made regarding the Alzheimer’s treatment simufilam.
2021
Scientific criticism and FDA citizen petition
Whistleblowers and outside scientists questioned the reliability of preclinical work, reported biomarker findings, image handling, and disclosures about the laboratory that performed a key reanalysis. A petition asked the FDA to halt clinical trials; Cassava rejected the allegations.
2021
SEC reportedly investigates Cassava Sciences research claims
Investigation
The article reports that the U.S. Securities and Exchange Commission is investigating claims that Cassava Sciences manipulated research results. Cassava said it was cooperating with government agencies that requested company information and documents.
Company response
Ongoing disclosure — Cassava Sciences
Cassava, based in Austin, Texas, revealed in a regulatory filing on Monday that it is 'cooperating' with 'certain government agencies' that have asked it to provide corporate information and documents.
Source excerpt
Cassava, based in Austin, Texas, revealed in a regulatory filing on Monday that it is 'cooperating' with 'certain government agencies' that have asked it to provide corporate information and documents.
The US Securities and Exchange Commission is reportedly investigating claims that Alzheimer's drug developer Cassava Sciences manipulated research results using Photoshop to alter images in a scientific paper.