Cassava Sciences Announces Leadership Changes and Governance Initiatives
Cassava Sciences, Inc., a biopharmaceutical company based in Austin, Texas, announced significant changes in its executive leadership and strategic initiatives. Rick Barry has been appointed as the Executive Chairman of the Board and the principal executive officer, effective immediately. This move comes as the company begins its search for a new permanent CEO.
Barry replaces Remi Barbier, who has resigned from his positions as the Chairman, President, and CEO. Barbier will remain with the company in a non-executive capacity until September 13, 2024. Additionally, Lindsay Burns, Ph.D., the Senior Vice President of Neuroscience, is also departing from her role. Burns will provide consulting services to Cassava for a year post her separation, which can be extended by the company.
Rick Barry has been a director at Cassava since June 2021 and brings extensive experience from his previous roles, including his tenure as a Director at Sarepta Therapeutics, Inc. and MiMedx Group Inc. Barry has a solid background in investment management, having co-founded Eastbourne Capital Management LLC and serving as a Managing General Partner and Portfolio Manager until the firm’s closure in 2010. Prior to this, he was a Portfolio Manager and Managing Director at Robertson Stephens Investment Management. Barry holds a Bachelor of Arts from Pennsylvania State University.
Barry emphasized the company's dedication to developing a drug for Alzheimer’s disease, highlighting the importance of maintaining high standards of transparency, accountability, and ethical business practices. One of the company's primary goals is to find an effective treatment for Alzheimer’s disease.
To achieve this, Cassava is focusing on several key strategies:
1. New Leadership: The Board has appointed Rick Barry as Executive Chairman and is actively searching for a new CEO with relevant industry and corporate governance experience. The future CEO will help separate the roles of Chairman and CEO, promoting better governance.
2. Scientific Rigor and Transparency: Cassava is committed to determining the efficacy of its drug candidate, simufilam, for Alzheimer’s disease through rigorous scientific methods and transparent communications with patients, government agencies, and investors. All study results will be posted timely and accurately on clinicaltrials.gov.
3. Rigorous Clinical Trials: The ongoing Phase 3 trials are being conducted following FDA and industry standards to maintain the integrity of the results. Blinding information, which ensures neither the subjects nor the company knows who receives the drug or placebo, is managed by Premier Research. Statistical analyses are handled by biostatisticians at Pentara Corporation, ensuring data is independent of the company’s influence.
4. Transparency in Reporting: Cassava aims to foster open communication and engagement with all stakeholders. The company plans to renew quarterly analyst calls and be reasonably available to journalists. Reviewing and improving its disclosure practices, Cassava seeks to provide clear and comprehensive information to stakeholders through regular dialogues with shareholders, employees, customers, regulators, and the broader community.
Barry also announced the addition of Pierre Gravier as the Chair of the Audit Committee and Robert Anderson, Jr. as the Chair of the Nominating and Governance Committee, further strengthening the company's governance framework.
Cassava Sciences remains focused on enhancing its corporate governance and stakeholder engagement, as it continues its quest to develop an effective treatment for Alzheimer’s disease.
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