SEATTLE and VANCOUVER, BC, June 29,
2020 /CNW/ -- Achieve Life Sciences, Inc. (Nasdaq: ACHV), a
clinical-stage pharmaceutical company committed to the global
development and commercialization of cytisinicline for smoking
cessation and nicotine addiction, today announced that it
has entered into a securities purchase agreement with certain
institutional investors providing for the purchase and sale of
14,634,146 shares of common stock at a price of $0.41 per share in a registered direct offering,
resulting in total gross proceeds of approximately $6 million, prior to deducting placement agent
fees and estimated offering expenses. The offering is expected to
close on or about July 1, 2020,
subject to customary closing conditions.
Lake Street Capital Markets LLC is acting as exclusive placement
agent for the registered direct offering.
The shares of common stock were offered pursuant to a shelf
registration statement on Form S-3 (File No. 333-229019), which was
declared effective by the United States Securities and Exchange
Commission ("SEC") on February 11,
2019. The Company intends to use the proceeds from the
offering to fund clinical research and development, and for general
working capital.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. A
prospectus supplement relating to the shares of common stock will
be filed by the Company with the SEC. When available, copies of the
prospectus supplement, together with the accompanying prospectus,
can be obtained at the SEC's website at www.sec.gov or from Lake
Street Capital Markets LLC, Prospectus Department, 920 Second
Avenue South, Suite 700, Minneapolis,
Minnesota 55402 or by email at info@lakestreetcm.com.
About Achieve & Cytisinicline
Tobacco use is currently the leading cause of
preventable death and is responsible for more than eight million
deaths annually worldwide1. It is estimated that 28.7%
of cancer deaths in the U.S. are attributable to cigarette
smoking2. Achieve's focus is to address the global
smoking health epidemic through the development and
commercialization of cytisinicline.
Cytisinicline is a plant-based alkaloid with a high binding
affinity to the nicotinic acetylcholine receptor. It is believed to
aid in smoking cessation by interacting with nicotine receptors in
the brain by reducing the severity of nicotine withdrawal symptoms
and by reducing the reward and satisfaction associated with
smoking.
As an approved, branded product in Central and Eastern Europe for more than two decades, it
is estimated that over 20 million people have used cytisinicline to
help combat nicotine addiction.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, including, but not limited to,
statements regarding the completion of the offering and the
expected net proceeds of the offering. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements. Achieve may not actually achieve its
plans or product development goals in a timely manner, if at all,
or otherwise carry out its intentions or meet its expectations or
projections disclosed in these forward-looking statements. These
statements are based on management's current expectations and
beliefs and are subject to a number of risks, uncertainties and
assumptions that could cause actual results to differ materially
from those described in the forward-looking statements, including
Achieve's Annual Reports on Form 10-K and Quarterly Reports on Form
10-Q. Achieve undertakes no obligation to update the
forward-looking statements contained herein or to reflect events or
circumstances occurring after the date hereof, other than as may be
required by applicable law.
Achieve Contact
Jason Wong
jwong@bplifescience.com
(415) 375-3340 ext. 4
1 World Health Organization. WHO Report on the Global
Tobacco Epidemic, 2019. Geneva:
World Health Organization, 2017
2 Annals of Epidemiology, Volume 25, Issue 3, 179 -
182.e1
View original content to download
multimedia:http://www.prnewswire.com/news-releases/achieve-life-sciences-announces-pricing-of-6-million-registered-direct-offering-301084752.html
SOURCE Achieve Life Sciences, Inc.