Pain Therapeutics Announces Name Change to Cassava Sciences, Inc.
March 27 2019 - 8:30AM
Pain Therapeutics, Inc. (Nasdaq: PTIE), a drug development company,
announced a company name change to Cassava Sciences, Inc.,
effective immediately.
The new name was chosen to better reflect the
Company’s strategic focus on drug development for neurodegenerative
diseases, such as Alzheimer’s disease.
Beginning March 28, 2019, Cassava Sciences will
trade on NASDAQ under the new ticker symbol: SAVA.
“A new Company name is part of a larger
rebranding effort around neurodegenerative diseases, such as
Alzheimer’s disease,” said Remi Barbier, Chairman, President &
CEO of Cassava Sciences. “One thing that won’t change is our
focus on developing potential breakthrough innovations and an
unwavering dedication to improve people’s lives. This
emphasis has characterized our history and remains core to our
strategy today.”
Cassava Sciences is in Phase II clinical testing
with a new drug candidate to treat patients with Alzheimer’s
disease. The Company’s Phase II study is being conducted with
scientific and financial support from the National Institutes of
Health (NIH).
Overview of Cassava
SciencesOver the past ten years, we have developed a new
and highly promising scientific approach for the treatment and
detection of Alzheimer’s disease. Importantly, our science
does not seek to clear amyloid from the brain. Our approach
is to stabilize a critical protein in the brain.
Starting with basic research, we have identified
a structurally altered protein in the brain, also called a
‘proteopathy’. This proteopathy plays a critical role in the
neurodegeneration observed in Alzheimer’s disease. Using
scientific insight and advanced tools in biochemistry,
bioinformatics and imaging, we have elucidated this protein
dysfunction. We engineered a family of high-affinity small
molecules to target the structurally altered protein and to restore
this protein to its normal shape and function. Our drug candidate,
PTI-125, is a small molecule that targets an altered form of a
scaffolding protein called filamin A (FLNA). Study animals treated
with PTI-125 showed significant improvements in neuronal function
and decreases in neuroinflammation, resulting in cognitive
improvement and slowing of disease progression.
In 2017, we successfully completed a Phase I
clinical study with PTI-125. In 2018, we initiated a Phase
IIa study with PTI-125 in patients with mild-to-moderate
Alzheimer’s disease, with scientific and financial support from the
NIH. In 2019, we expect to conclude our Phase IIa study and
announce clinical results.
We are also developing an experimental
biomarker/diagnostic, called PTI-125Dx, to detect Alzheimer’s
disease with a simple blood test. This program has financial
support from the NIH.
The underlying science for our programs in
neurodegeneration is published in several prestigious,
peer-reviewed technical journals, including Journal of
Neuroscience, Neurobiology of Aging, and Journal of Biological
Chemistry.
In addition, in 2018 the National Institute on
Aging of the NIH awarded our scientific programs two research
grants. Collectively, these represent up to $6.7 million of
non-dilutive financing.
About Alzheimer's
Disease Alzheimer’s disease is a progressive brain
disorder that destroys memory and thinking skills. Eventually, a
person with Alzheimer’s disease may be unable to carry out even
simple tasks. Currently, there are no drug therapies to halt
Alzheimer’s disease, much less reverse its course. Alzheimer’s
disease is likely to become one of the world’s most serious future
health care crisis.
About Cassava Sciences,
Inc.Cassava Sciences is focused on the early detection and
treatment of neurodegenerative diseases, such as Alzheimer’s.
Over the past ten years, we have combined state-of-the-art
technology with new insights in neurobiology to develop novel
solutions for Alzheimer’s disease. We own worldwide development and
commercial rights to our research programs in Alzheimer’s disease,
and related technology, without royalty obligations to any
third-parties. For more information, please visit
www.cassavasciences.com.
For More Information
Contact:Eric SchoenChief Financial OfficerCassava
Sciences, Inc.(512) 501-2450
Note Regarding Forward-Looking
Statements: This press release contains forward-looking
statements for purposes of the Private Securities Litigation Reform
Act of 1995 (the "Act"). Cassava Sciences disclaims any
intent or obligation to update these forward-looking statements and
claims the protection of the Safe Harbor for forward-looking
statements contained in the Act. Examples of such statements
include, but are not limited to, statements regarding the timing of
clinical studies and the potential benefits of the Company’s
programs in Alzheimer’s disease including our ongoing Phase II
program. The Company cautions that forward-looking statements are
inherently uncertain. Such statements are based on management's
current expectations, but actual results may differ materially due
to various factors. Such statements involve risks and
uncertainties, including, but not limited to, those risks and
uncertainties relating to the ability to demonstrate the
specificity, safety, efficacy or potential health benefits of our
product candidates. Existing and prospective investors are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Except as
required by law, the Company disclaims any intention or
responsibility for updating or revising any forward-looking
statements contained in this press release. For further
information regarding these and other risks related to our
business, investors should consult our filings with the U.S.
Securities and Exchange Commission (SEC), which are available for
free on the SEC's website at www.sec.gov.
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