SEATTLE and VANCOUVER, BC, Sept.
30, 2020 /PRNewswire/ -- Achieve Life Sciences, Inc.
(Nasdaq: ACHV), a clinical-stage pharmaceutical company committed
to the global development and commercialization of cytisinicline
for smoking cessation, today announced the promotion of
John Bencich to Chief Executive
Officer. Mr. Bencich has been serving as Achieve's Chief Financial
and Operating Officer since 2017. Mr. Bencich will join the Board
of Directors in his role as Chief Executive Officer. Rick Stewart, Achieve's current Chairman and
Chief Executive Officer, will remain with Achieve as the Executive
Chairman of the Board of Directors.
Additionally, Dr. Cindy Jacobs
will be promoted to the role of President. Dr. Jacobs has been
serving as the Chief Medical Officer of Achieve since 2017 and will
continue in this role leading the regulatory and clinical
development efforts for cytisinicline. Dr. Anthony Clark will step down from the Board of
Directors but will remain in his role as Chief Scientific Officer.
Mr. Jerry Wan, currently Achieve's
Sr. Director of Accounting Operations, will assume the role of
Principal Accounting Officer.
"John, Cindy, and Jerry have demonstrated exemplary leadership
driving the clinical development, regulatory, and financial
objectives of Achieve in its pursuit of cytisinicline as an aid to
smoking cessation," stated Rick
Stewart, Executive Chairman of Achieve. "Given our focus on
regulatory approval and commercialization in the U.S. plus
international travel restrictions due to the COVID-19 pandemic, we
feel this is the appropriate time to recognize their contributions
and transition to our new management structure."
The Company had approximately $26.7
million of cash available on a pro forma basis when
including cash on hand at June 30,
2020 and proceeds from equity financings and warrant
exercises in the third quarter. The company plans to initiate the
Phase 3 ORCA-2 trial in the fourth quarter of 2020.
About Achieve and 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 and nicotine addiction
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, the
timing and nature of cytisinicline clinical development
activities, the potential market size for cytisinicline, the
potential benefits of cytisinicline, the ability to discover and
develop new uses for cytisinicline, including but not limited to as
an e-cigarette cessation product, and the development and
effectiveness of new treatments. 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,
among others, the risk that cytisinicline may not demonstrate the
hypothesized or expected benefits; the risk that Achieve may not be
able to obtain additional financing to fund the development of
cytisinicline; the risk that cytisinicline will not receive
regulatory approval or be successfully commercialized; the risk
that new developments in the smoking cessation landscape require
changes in business strategy or clinical development plans; the
risk that Achieve's intellectual property may not be adequately
protected; general business and economic conditions; risks related
to the impact on our business of the COVID-19 pandemic or similar
public health crises and the other factors described in the risk
factors set forth in Achieve's filings with the Securities and
Exchange Commission from time to time, 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.
Media
Contact
Glenn Silver
Glenn.Silver@Finnpartners.com
(646) 871-8485
Investor Relations 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.