02:03 PM EDT, 05/08/2024 (MT Newswires) -- Cassava Sciences ( SAVA ) said Wednesday it raised more than $125 million in gross proceeds from cash exercises of warrants that were previously distributed to its shareholders.

The gross proceeds equate to about 5.7 million common shares at $22 per share while the total net proceeds are expected to exceed $123 million after deducting advisory fees and other expenses, the company said.

Cassava said it plans to use the net proceeds for working capital and general corporate purposes, including the ongoing development of simufilam, its primary drug candidate to treat Alzheimer's disease.

Shares of Cassava were down 0.6% in recent Wednesday trading.

Price: 21.70, Change: -0.13, Percent Change: -0.61