SEATTLE and VANCOUVER, BC, Aug. 4, 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 the pricing of an
underwritten public offering of 476,187 shares of its common stock
at a price to the public of $10.50
per share. In addition, Achieve is offering to certain investors
whose purchase of common stock would result in the investor,
together with its affiliates, beneficially owning more than 9.99%
of Achieve's common stock following the completion of the offering,
pre-funded warrants to purchase up to an aggregate of 142,857
shares of common stock at a purchase price of $10.499 per pre-funded warrant, which represents
the per share public offering price for the common stock less the
$0.001 per share exercise price for
each such pre-funded warrant. The aggregate gross proceeds from
this offering are expected to be approximately $6.5 million, before deducting underwriting
discounts and commissions and other offering expenses payable by
Achieve. Achieve has also granted the underwriters a 30-day option
to purchase up to an additional 92,856 shares of common stock in
connection with the public offering. All of the securities are
being offered by Achieve. The offering is expected to close on or
about August 6, 2020, subject to the
satisfaction of customary closing conditions.
Lake Street Capital Markets LLC is acting as the sole
book-running manager in the offering.
Achieve intends to use the proceeds from the offering to fund
clinical research and development, and for general working
capital.
The securities are being offered by Achieve pursuant to a
registration statement on Form S-3 previously filed and declared
effective by the Securities and Exchange Commission (SEC). A
preliminary prospectus supplement and accompanying prospectus
relating to this offering have been filed with the SEC. Copies of
the preliminary prospectus supplement and the accompanying
prospectus relating to this offering, and when available, the final
prospectus supplement, may be obtained from: Lake Street
Capital Markets LLC, Prospectus Department, 920 Second Avenue
South, Suite 700, Minneapolis,
Minnesota 55402 or by email at info@lakestreetcm.com.
Electronic copies of the preliminary prospectus supplement and
accompanying prospectus will also be available on the website of
the SEC at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of Achieve, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
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 the Company makes regarding its expectation
of market conditions and the satisfaction of customary closing
conditions related to the offering, its ability to complete the
offering and expected use of proceeds and anticipated preclinical
and clinical development activities, timing of announcements of
clinical results, potential benefits of the Company's product
candidates and platform and potential market opportunities for the
Company's product candidates. 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
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SOURCE Achieve Life Sciences, Inc.