RTTNews | Feb 2, 2021 10:27AM EST

10:26 Tuesday, February 2, 2021 (RTTNews.com) - Shares of Cassava Sciences, Inc. (SAVA) are surging more than 55% Tuesday morning after the company reported positive data from the study of its lead drug candidate, simufilam for the treatment of Alzheimer's disease.

Results from an interim analysis of open-label study of simufilam showed improvement in cognition and behavior in patients with Alzheimer's disease, following six months of treatment, with no safety issues, Cassava said.

The company also said that there were no drug-related serious adverse events. Adverse events were mild and transient.

Cassava Sciences believes today's data and prior clinical results support advancing simufilam into a Phase III study, which the company plans to begin in the second half 2021.

SAVA toched a new high of $45.62 this morning and currently trading down at $35.83.

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