Cassava Sciences, a clinical-stage biotechnology company based in Austin, Texas, has spoken out against accusations of "long-standing and egregious misconduct" made by the City University of New York (CUNY). The allegations pertain to the management of data and record-keeping practices within the company.
The publication Science recently reported that Hoau-Yan Wang, a neuroscientist and CUNY faculty member who often collaborated with Cassava Sciences, is under investigation for "scientific misconduct" across 20 research papers. This development has raised serious questions about the integrity of his research.
Upon the release of this news, Cassava Sciences' stock took a significant hit, plummeting over 28% in pre-market trading on Friday to $12.67.
Cassava Sciences clarified that it had no involvement in the CUNY investigation and asserted that CUNY lacked a legitimate basis for accusing the company or its employees. The company also mentioned that the report from the investigation was leaked to the press, further highlighting CUNY's questionable handling of the situation. Cassava Sciences had offered assistance to the university, but it was turned down.
"We want to emphasize that CUNY's report does not suggest any Data manipulation," said Cassava Sciences. "The 'egregious misconduct' mentioned in the report refers solely to internal record-keeping failures at CUNY."
Despite these allegations, Cassava Sciences remains confident in its lead candidate, simufilam, an experimental Alzheimer's drug. The company's chief executive, Remi Barbier, expressed assurance in the underlying science and stated that the phase 3 clinical program will proceed as planned.