Cassava Sciences prices $75M equity offering

• Cassava Sciences (NASDAQ:SAVA) prices public offering of 9,375,000 shares of its common stock at $8/share.
• Gross proceeds will be ~$75M, excluding the exercise of underwriter’s option to purchase up to an additional 1,406,250 shares.
• The company intends to use the proceeds to fund the Phase 3 clinical program of sumifilam, its lead drug candidate, in patients with Alzheimer’s disease, and for other R&D purposes.
• Stock -23.70% PM
• Previously: Cassava Sciences EPS beats by $0.01 (Nov. 9)