RTTNews | Mar 9, 2021 09:44AM EST

09:44 Tuesday, March 9, 2021 (RTTNews.com) - Shares of Cassava Sciences, Inc. (SAVA) are gaining over 10% on Tuesday morning after the company announced it entered into a drug supply agreement with Evonik Industries AG for simufilam.

SAVA is currently trading at $50.12, up $5.10 or 11.33%, on the Nasdaq.

Under the agreement, Evonik will supply Cassava Sciences with large-scale, clinical-grade quantities of simufilam, a drug candidate for the treatment of Alzheimer's disease.

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