By Josh BeckermanShares of Alzheimer's drug developer Cassava Sciences tumbled following the indictment of a medical professor who advised the company. Cassava's shares fell at one point to $8.79 on Friday, the lowest they have been since October 2020. The shares are down 54% this yearThe Justice Department said on Friday that City University of New York School of Medicine Professor Hoau-Yan Wang was indicted on charges related to obtaining federal research grants. It said he "allegedly engaged in a scheme to fabricate and alsify scientific data in grant applications." Write to Josh Beckerman at josh.beckerman@wsj.com(END) Dow Jones NewswiresJune 28, 2024 16:15 ET (20:15 GMT)Copyright (c) 2024 Dow Jones & Company, Inc.
Source: Wall Street Journal June 29, 2024 08:22 UTC