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US opens criminal probe into pharma company over potential Alzheimer's drug fraud: report
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The Department of Justice has opened a criminal probe into Cassava Sciences Inc to determine whether the company falsified its Alzheimer's drug tests.
Cassava, based in Texas, is the pharmaceutical company behind the Alzheimer's drug simuflam. The company is already under investigation by the SEC regarding allegations that the company manipulated data related to the same drug, Reuters reported Wednesday.
"To be clear: Cassava Sciences vehemently denies any and all allegations of wrongdoing," Cassava's lawyer, Kate Watson Moss told Reuters. "[Cassava] has never been charged with a crime, and for good reason – Cassava Sciences has never engaged in criminal conduct."
Watson Moss went on to say the company is complying with government requests for information.
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