AUSTIN, Texas, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Cassava Sciences, Inc. (Nasdaq: SAVA), a clinical-stage biotechnology company focused on Alzheimer’s disease, today announced that it is commencing an underwritten public offering of shares of its common stock. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering. The Company expects to grant the underwriters a 30‐day option to purchase up to an additional 15 percent of the shares of common stock offered in the public offering.

Cantor Fitzgerald & Co. is acting as sole book-running manager for the proposed offering.

Cassava Sciences intends to use the net proceeds, if any, from the sale of the shares of common stock in the offering to fund a Phase 3 clinical program of sumifilam, the Company’s lead drug candidate, in patients with Alzheimer’s disease, for research and development for the Company’s product candidates and for general corporate purposes.

About Cassava Sciences, Inc.

Cassava Sciences’ mission is to discover and develop innovations for chronic, neurodegenerative conditions. Over the past 10 years, Cassava Sciences has combined state-of-the-art technology with new insights in neurobiology to develop novel solutions for Alzheimer’s disease.