Investing.com – Cassava Sciences (NASDAQ:SAVA) stock plummeted 20% Wednesday even as the company defended itself against allegations questioning its scientific integrity.
The stock had fallen to the day’s low of $80.22 in the session so far but recovered some losses to trade at $94.30, still down by a fifth of its market value at close on Tuesday.
The charges, posted online a day earlier, centered around study data of the biotech company’s treatment of Alzheimer’s disease.
Saying “it is important for stakeholders to separate fact from fiction”, Cassava disputed all the 15 claims in a point-by-point rebuttal, labelling each charge as "fiction" and each of its replies "fact."
Disputing the validity of Cassava’s clinical biomarker data and the integrity of Western Blot Analysis, a ‘statement of concern’ was posted requesting the Food and Drug Administration to halt the current clinical study of simufilam.
Cassava said the biomarker data of Alzheimer’s patients was generated by Quanterix (NASDAQ:QTRX), an independent company, and presented at the recent Alzheimer’s Association International Conference.
The company said Western Blot Analysis is foundational to the biotechnology industry and is a standard lab technique used worldwide to detect a protein of interest.