** Shares of drug developer Cassava Sciences SAVA.O down 85.42% premarket to $3.86, its experimental Alzheimer's disease drug, simufilam, did not meet the main or secondary goals in a late-stage study.

** As a result, Cassava will discontinue a second late-stage study, as well as its open-label study of the drug

** Cassava's shares were halted in premarket hours ahead of the announcement

** Up to the previous session's close, shares were up 17.6%​ YTD

(Repoting by Joao Manuel Mauricio)