
Cassava to discontinue development of Alzheimer's disease drug
March 25 (Reuters) - Cassava Sciences (SAVA.O), opens new tab said on Tuesday it will discontinue the development of its experimental treatment simufilam for Alzheimer's disease, after data showed the drug did not meet the main and secondary goals in a late-stage trial.
The drug developer's shares were up nearly 2% in premarket trading.
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The late-stage trial had the main and secondary goals of significantly reducing cognitive and functional decline in patients with mild-to-moderate Alzheimer's disease.
Simufilam has been at the center of scrutiny after a medical professor linked to its development was charged with fraud in June.
The company expects to phase out the program by the end of the second quarter, it said.

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Reuters
4 hours ago
- Reuters
TRADING DAY London calling, stocks crawling higher
ORLANDO, Florida, June 9 (Reuters) - TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist I'm excited to announce that I'm now part of Reuters Open Interest (ROI), an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. Trade tensions, policy uncertainty and shaky economic data continue to cloud the near-term outlook for world growth, but they remain on the back burner for now as investors kick off the week by pushing global stock markets higher. In my column today I look at why the dollar has depreciated significantly this year regardless of how U.S. stocks and bonds have performed. The main reason? Hedging. More on that below, but first, a roundup of the main market moves. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. Today's Key Market Moves London calling, stocks crawling higher It was a fairly quiet start to the week across global markets on Monday, with strong equity gains in Asia followed by a grind higher on Wall Street which lifted the MSCI World index to a fresh record high. The main areas of focus for investors were China's economic 'data dump' for May, then the high-level U.S.-China trade talks in London. The two are connected - the U.S. is a less important market for China than it used to be, underscored in May's trade figures from Beijing and reflected in the lack of concrete progress from the negotiations in London. China's total exports rose 4.8% in May from a year earlier but this masks a huge split between the U.S. and the rest of the world. Exports to the U.S. plunged 34.4% year-on-year in value terms, the sharpest drop since February 2020 just before the pandemic, while exports to the rest of the world rose 11.4%. Monthly data are volatile, of course, and May's figures were also distorted by tariffs. Still, U.S.-bound shipments worth $28.8 billion last month were just 9% of the total $316 billion. Economist Phil Suttle notes that is less than half the average share in the decade leading up to President Donald Trump's first trade war. The London talks are expected to continue on Tuesday. But as was the case following Trump's telephone call with Chinese leader Xi Jinping on Thursday, there is little indication of a significant breakthrough, far less China bending to U.S. demands. "U.S. Treasury Secretaries who live in unbalanced economies might not want to throw barbs such as the 'most unbalanced in modern history' at China without first looking at some data," Suttle wrote on Monday. "The choice to fight an opponent should be conditioned on a clear-headed view of its strengths and weaknesses. The U.S. has done a marvelous job of (once again) deluding itself on this front," Suttle added. Still, divisions between the two countries and the threat to global supply chains are proving no barrier to rising stock markets. Japan's Nikkei and the MSCI emerging and Asia ex-Japan indexes rose around 1%, Hong Kong-listed tech stocks rose nearly 3%, and Wall Street closed in the green. Meanwhile, the dollar's trend this year of declining despite U.S. stocks and bonds rising was on full display on Monday. Wall Street closed slightly higher and Treasury yields fell as much as 5 basis points at the short end of the curve, yet the dollar slipped. Many analysts say one of the main reasons for this is non-U.S. investor hedging - more on that below. Dollar floored as investors seek that extra hedge All three major U.S. asset classes – stocks, bonds and the currency – have had a turbulent 2025 thus far, but only one has failed to weather the storm: the dollar. Hedging may be a major reason why. Wall Street's three main indices and the ICE BofA U.S. Treasury index are all slightly higher for the year to date, despite the post-'Liberation Day' volatility, while the dollar has steadily ground lower, losing around 10% of its value against a basket of major currencies and breaking long-standing correlations along the way. The dollar was perhaps primed for a fall. It's easy to forget, but only a few months ago the 'U.S. exceptionalism' narrative was alive and well, and the dollar scaling heights rarely seen in the past two decades. But that narrative has evaporated, as U.S. President Donald Trump's controversial economic policies and isolationist posture on the global stage have made investors reconsider their exposure to U.S. assets. But why is the dollar feeling the burn more than stocks or bonds? Non-U.S. investors often protect themselves against sharp currency fluctuations via the forward, futures or options markets. The difference now is that the risk premium being built into U.S. assets is pushing them – especially equity holders – to hedge their dollar exposure more than they have in the past. Foreign investors have long hedged their bond exposure, with dollar hedge ratios traditionally around 70% to 100%, according to Morgan Stanley, as currency moves can easily wipe out modest bond returns. But non-U.S. equity investors have been much more loath to pay for protection, with dollar hedge ratios averaging between 10% and 30%. This is partly because the dollar was traditionally seen as a 'natural' hedge against stock market exposure, as it would typically rise in 'risk off' periods when stocks fell. The dollar would also normally appreciate when the U.S. economy and markets were thriving – the so-called 'Dollar Smile' – giving an additional boost to U.S. equity returns in good times. A good barometer of global 'real money' investors' view on the dollar is how willing foreign pension and insurance funds are to hedge their dollar-denominated assets. Recent data on Danish funds' currency hedging is revealing. Danish funds' U.S. asset hedge ratio surged to around 75% from around 65% between February and April. According to Deutsche Bank analysts, that 10 percentage point rise is the largest two-month increase in over a decade. Anecdotal evidence suggests similar shifts are taking place across Scandinavia, the euro zone and Canada, regions where dollar exposure is also high. The $266 billion Ontario Teachers' Pension Plan reported a $6.9 billion foreign currency gain last year, mainly due to the stronger dollar. Unless the fund has increased its hedging ratio this year, it will be sitting on huge foreign currency losses. "Investors had embraced U.S. exceptionalism and were overweight U.S. assets. But now, investors are increasing their hedging," says Sophia Drossos, economist and strategist at the hedge fund Point72. And there is a lot of dollar exposure to hedge. At the end of March foreign investors held $33 trillion of U.S. securities, with $18.4 trillion in equities and $14.6 trillion in debt instruments. The dollar's malaise has upended its traditional relationships with stocks and bonds. Its generally negative correlation with stocks has reversed, as has the usually positive correlation with bonds. The divergence with Treasuries has gained more attention, with the dollar diving as yields have risen. But as Deutsche Bank's George Saravelos notes, the correlation breakdown with stocks is "very unusual". When Wall Street has fallen this year the dollar has fallen too, but at a much faster pace. And when Wall Street has risen the dollar has also bounced, but only slightly. This has led to the strongest positive correlation between the dollar and S&P 500 in years, though that's a bit deceptive, as the dollar is sharply down on the year while stocks are mildly stronger. Of course, what we could be seeing is simply a rebalancing. Saravelos estimates that global fixed income and equity managers' dollar exposure was at near record-high levels in the run-up to the recent trade war. This was a "cyclical" phenomenon over the last couple of years rather than a deep-rooted structural one based on fundamentals, meaning it could be reversed relatively quickly. But, regardless, the dollar's hedging headwind seems likely to persist. "Given the size of foreign holdings of both stocks and bonds, even a modest uptick in hedge ratios could prove a considerable FX flow," Morgan Stanley's FX strategy team wrote last month. "As long as uncertainty and volatility persist, we think that hedge ratios are likely to rise as investors ride out the storm." What could move markets tomorrow? Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.


Scottish Sun
10 hours ago
- Scottish Sun
The 52p herb that could help prevent Alzheimer's – plus 3 other ways it can benefit your health
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) KNOWN for its strong, pine-like flavour and its use in various dishes, rosemary has a lot more going for it than its scent and taste. The popular herb is starting to gain recognition for its impressive health benefits, especially when it comes to brain health, inflammation and immune function. Sign up for Scottish Sun newsletter Sign up 2 Rosemary has been shown to benefit the brain in several ways Credit: Getty And research published this year suggests it could even help in the fight against Alzheimer's disease - the leading cause of dementia worldwide. Rosemary has previously been linked to memory and mental clarity. In ancient Greece and Rome, students and scholars used rosemary to sharpen concentration and recall, says Dipa Kamdar, senior lecturer in pharmacy practice at Kingston University. Writing for The Conversation, she explains: "Modern science is finding there may have been something in this: in one study, people who inhaled rosemary's scent performed better on memory takes compared to those in an unscented environment." There are several ways rosemary benefits the brain, says Kamdar. Firstly, it stimulates blood circulation, including to the brain, helping deliver more oxygen and nutrients, which may improve mental clarity. It also has calming properties, with some studies suggesting its aroma can reduce anxiety and improve sleep - lower stress means better focus and memory retention. Kamdar adds: "Rosemary contains compounds that interact with the brain's neurotransmitters. One such compound, 1,8-cineole, helps prevent the breakdown of acetylcholine, a brain chemical essential for learning and memory. By preserving acetylcholine, rosemary may help support cognitive performance, especially as we age." And rosemary's antioxidants may also help protect brain cells from damage caused by oxidative stress - which is a major factor in cognitive decline. Kamdar says: " Rosemary is rich in phytochemicals, plant compounds with health-enhancing effects. One of the most powerful is carnosic acid, an antioxidant and anti-inflammatory agent that helps shield brain cells from harm, particularly from the kinds of damage linked to Alzheimer's disease." Five simple tests that could indicate dementia What are rosemary's benefits beyond brain health? 2 Rosemary may aid digestion by stimulating the liver to produce bile Credit: Getty As well as boosting brain health, studies suggest rosemary may aid digestion by stimulating the liver to produce bile, which helps the body digest fat. In a study with mice, it was shown to reduce inflammation in the digestive tract, potentially aiding in the management of IBS and other inflammatory bowel ailments. And rosemary supplementation may also positively impact the gut microbiota, increasing beneficial bacteria like Bifidobacterium and Bacteroidetes, while reducing harmful bacteria like Escherichia coli. Rosemary may also be able to improve immune function. Some studies, particularly in vitro and animal models, suggest that rosemary and its active compounds, like carnosic acid and rosmarinic acid, can influence immune function. Other studies have shown rosemary may promote immune cell activity, such as increasing antibody production or enhancing the activity of immune cells like dendritic cells. Finally, rosemary could prevent certain cancers. Rosemary has been proven to display powerful anticancer efficacy in numerous cancers, including lung, prostate, liver, and breast. Carnosic acid appears to be the plant's primary anticancer component, as it was found in one study to exhibit antiproliferative effects in cancer cells.


Reuters
10 hours ago
- Reuters
US wholesale inventories in April revised higher
WASHINGTON, June 9 (Reuters) - U.S. wholesale inventories increased in April amid stockpiling of prescription medication in anticipation of tariffs from the Trump administration. Stocks at wholesalers rose 0.2% instead of being unchanged, as estimated last month, the Commerce Department's Census Bureau said on Monday. Economists polled by Reuters had expected last month's estimate would be unrevised. Inventories, a key part of gross domestic product, climbed 0.3% in March. They advanced 2.3% on a year-over-year basis in April. Wholesale stocks of prescription medication surged 1.3% in April. There were also increases in apparel, motor vehicle, groceries and professional equipment inventories. President Donald Trump has said he would impose tariffs on imports of pharmaceutical products that have long been spared from past trade disputes due to the potential for harm to patients. Apart from drugmakers, businesses front-loaded imports in the first quarter, seeking to avoid Trump's sweeping duties on foreign goods, resulting in a large trade deficit that subtracted a record 4.90 percentage points from GDP. The front-running faded in April, leading to a record decline in imports and the overall trade deficit. While the contraction in the deficit at face value suggests trade could significantly add to gross domestic product in the second quarter, economists say some of the boost could be offset by low inventories. Inventory accumulation increased at a rate of $163.0 billion in the first quarter. The economy contracted at a 0.2% annualized rate in the January-March period, the first GDP decline in three years. It grew at a 2.4% pace in the fourth quarter. Sales at wholesalers edged up 0.1% in April after jumping 0.8% in March. At April's sales pace it would take wholesalers 1.30 months to clear shelves, unchanged from March.