Cassava Sciences Announces the Appointment of Richard J. Barry to its Board of Directors
June 14 2021 - 8:30AM
Cassava Sciences, Inc. (Nasdaq: SAVA), a clinical-stage
biotechnology company focused on Alzheimer’s disease, today
announced the appointment of Mr. Richard (Rick) Barry to the
Company’s Board of Directors, effective June 11, 2021.
“We’re very pleased to add Rick Barry as an
independent director,” said Remi Barbier, Chairman of the Board,
President & CEO. “Rick is a highly respected and astute
long-term investor. He offers the Board significant insights around
sustainability and governance frameworks. Commitment starts at the
top and with Rick’s appointment, we wish to demonstrate that we are
serious about the inclusion of sustainability, governance and other
societal goals as we continue to execute on our strategy to
initiate a Phase 3 clinical program in Alzheimer’s disease in
2021.”
Mr. Barry personally owns 150,000 shares of
SAVA, the Company’s common stock. His shares were purchased in the
open market in 2021, prior to engaging into confidential
discussions with the Company regarding a Board
position.
About Richard (Rick) Barry Mr.
Barry has extensive experience in the investment management
business. He was a founding member of Eastbourne Capital Management
LLC, a large equity hedge fund investing in health care and a
variety of other industries and served as a Managing General
Partner and Portfolio Manager from 1999 to its close in 2010.
Prior to Eastbourne, Mr. Barry was a Portfolio
Manager and Managing Director of Robertson Stephens Investment
Management. Mr. Barry also spent over 13 years in various roles in
institutional equity and investment management firms, including
Lazard Freres, Legg Mason and Merrill Lynch.
Since June 2015, Mr. Barry has served as a
member of the Board of Directors of Sarepta Therapeutics, Inc., a
publicly traded biopharmaceutical company, where he also serves as
Chair of the Nominating and Governance Committee. In May 2019, Mr.
Barry was appointed to the board of directors of MiMedx Group Inc.,
a publicly traded biopharmaceutical company. From 2013 to 2019, Mr.
Barry served as a director of Elcelyx Therapeutics Inc., a
privately held pharmaceutical company, and was a Managing Member of
GSM Fund, LLC, a fund established for the sole purpose of investing
in Elcelyx.
Mr. Barry holds a Bachelor of Arts from
Pennsylvania State University. He was previously an Advisory Board
member for the Schreyer Honors College at Pennsylvania State
University and served as a director of Cluster Wireless, a San
Diego-based software company. He has been a Partner and Advisory
Board member of the San Diego Padres since 2009.
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. For more information, please
visit: https://www.CassavaSciences.com
For More Information Contact:
Eric Schoen, Chief Financial
Officereschoen@CassavaSciences.com (512) 501-2450
Cautionary Note Regarding
Forward-Looking Statements: This news release contains
forward-looking statements, including statements made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, relating to: Mr. Barry’s anticipated
contributions to the Board of Directors and the Company and the
Company’s execution on its strategy to initiate a Phase 3 clinical
program in Alzheimer’s disease in 2021. These statements may be
identified by words such as “may,” “anticipate,” “believe,”
“could,” “expect,” “would”, “forecast,” “intend,” “plan,”
“possible,” “potential,” and other words and terms of similar
meaning.
Drug development involves a high degree of risk,
and historically only a small number of research and development
programs result in commercialization of a product. Clinical results
from our earlier-stage clinical trials may not be indicative of
full results or results from later-stage or larger scale clinical
trials and do not ensure regulatory approval. You should not place
undue reliance on these statements or any scientific data we
present or publish.
Such statements are based largely on our current
expectations and projections about future events. Such statements
speak only as of the date of this news release and are subject to a
number of risks, uncertainties and assumptions, including, but not
limited to, those risks relating to the ability to conduct or
complete clinical studies on expected timelines, to demonstrate the
specificity, safety, efficacy or potential health benefits of our
product candidates, the severity and duration of health care
precautions given the COVID-19 pandemic, any unanticipated impacts
of the pandemic on our business operations, and including those
described in the section entitled “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2020 and future
reports to be filed with the SEC. The foregoing sets forth many,
but not all, of the factors that could cause actual results to
differ from expectations in any forward-looking statement. In light
of these risks, uncertainties and assumptions, the forward-looking
statements and events discussed in this news release are inherently
uncertain and may not occur, and actual results could differ
materially and adversely from those anticipated or implied in the
forward-looking statements. Accordingly, you should not rely upon
forward-looking statements as predictions of future events. Except
as required by law, we disclaim any intention or responsibility for
updating or revising any forward-looking statements contained in
this news release.
For further information regarding these and
other risks related to our business, investors should consult our
filings with the SEC, which are available on the SEC's website at
www.sec.gov.
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