Cassava Sciences announces enhanced corporate governance initiatives

“As a public company, and one dedicated to developing a drug for Alzheimer’s disease, we hold ourselves to the highest standards,” Executive Chairman Rick Barry said. “While our priority remains the development of a potentially effective treatment for Alzheimer’s disease, the Board has a steadfast commitment to doing so with transparency, accountability, and highest ethical business practices.” Among the actions the company is taking are: New Leadership: The Board has appointed Rick Barry as Executive Chairman and is in the process of identifying a new CEO who has relevant industry and corporate governance experience. With the identification of a new CEO, the Board plans to separate the Chairman and CEO roles. Single-minded Commitment to Scientific Rigor and Honest Transparency: Our sole mission at this time is to determine whether simufilam is an effective, revolutionary treatment for Alzheimer’s disease. The Company plans to achieve that mission through a single-minded commitment to scientific rigor and honest transparency with patients, government agencies and investors. All study results will be posted timely and accurately to clinicaltrials.gov. Rigorous Clinical Trials: The ongoing Phase 3 trials are being run according to FDA and industry standards that ensure the integrity of all reported results. Under the Phase 3 protocols reviewed by the FDA, no individual within the Company knows or will know which subjects are receiving a drug or placebo. Blinding information is and will be held exclusively by a small group of professionals at our CRO, Premier Research. Likewise, no individual within the Company has access to sub-study results and other information that might be used to infer which patients are on placebo. All such data is transmitted directly to Premier Research. Statistical analyses for the Phase 3 trials will be conducted by professional biostatisticians at Pentara Corporation. Trial results are transmitted directly to these biostatisticians by our CRO, independent of any involvement by the Company. Transparency in Communications and Reporting: Cassava remains committed to fostering open communication and engagement with its stakeholders. The Company and its management will communicate regularly and clearly to our constituencies, beginning with a renewal of quarterly analyst calls and will be reasonably available to journalists. Cassava is reviewing its disclosure practices to ensure it is providing stakeholders with clear and comprehensive information. Regular dialogues with shareholders, employees, customers, regulators, and the broader community will continue to inform and shape the company’s governance practices. “We have an extraordinary board of directors,” Mr. Barry said, “that remains focused on continuing to strengthen the company’s corporate governance framework and on enhancing its commitment to responsible and transparent stakeholder engagement.”