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Pain Therapeutics to change name to Cassava Sciences and adopt ticker 'SAVA' fromThursday

Ciara Linnane

Pain Therapeutics Inc. said Wednesday it's changing its name and ticker to better reflect its focus on developing drugs for neurodegenerative diseases such as Alzheimer's. The company will be named Cassava Sciences Inc. with immediate effect. From March 28, it will start trading on Nasdaq under the new ticker symbol "SAVA." The company is currently in a phase 2 testing of a drug candidate aimed at treating Alzheimer's, that does not seek to clear amyloid from the brain, but rather to stabilize a critical protein in the brain. It is also working to develop a biomarker/diagnostic to detect Alzheimer's using a simple blood test. Shares rose 1.7% in premarket trade, but have fallen 82.2% in the last 12 months, while the S&P 500 has gained 7.9%.