July 1 (Reuters) - Cassava Sciences said on Monday its board is forming a committee to direct an investigation into two senior employees of the company, amid probes by U.S. regulators.

The company said it was engaged with both the U.S. Department of Justice and the U.S. Securities and Exchange Commission on investigations into the two employees.

This comes after federal prosecutors said on Friday that Hoau-Yan Wang, a doctor who has collaborated with Cassava, fabricated data included in grant applications to the National Institutes of Health on behalf of himself and an unnamed

company. (Reporting by Christy Santhosh; Editing by Shailesh Kuber)