Inc. (NASDAQ: SAVA) witnessed a dramatic over 85% plunge in its stock price following the release of disappointing results from a critical Phase 3 Alzheimer’s drug trial and

Following the ReThink study failure, Cassava Sciences is discontinuing the Phase III ReFocus trial and open-label study.

Cassava Sciences shares are plunging in premarket trading and are losing most of their value after the biotech firm said its experimental Simufilam drug aimed at treating Alzheimer’s disease failed to show a “significant reduction in cognitive or functional decline” during the Phase 3 trial of the treatment.

The Cassava Sciences story ended Monday exactly as many knew it would — with the company’s experimental drug for Alzheimer’s disease, simufilam, failing a clinical trial.

(Reuters) -Cassava Sciences said it will stop all trials of its Alzheimer's disease drug after it failed a late-stage study, sending shares of the drug developer plummeting 83% in early trading on Monday.

Cassava Sciences stock collapsed after an Alzheimer’s drug the company was testing failed to significantly help participants in a clinical trial. The stock plummeted 84% to $4.15 Monday after reporting that a Phase 3 trial meant to demonstrate the efficacy of a medication called Simufilam fell short of key milestones.

(Reuters) -Cassava Sciences said on Monday it will stop all trials of its Alzheimer's disease drug after it failed a late-stage study, sending shares of the drug developer plummeting more than 80% before the bell.