SEATTLE and VANCOUVER, BC, Nov. 30,
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 a
proposed underwritten public offering in which it intends to offer
and sell 1,500,000 shares of its common stock. In addition, Achieve
intends to grant the underwriters a 30-day option to purchase up to
an additional 225,000 shares of common stock offered in the public
offering. All of the securities are being offered by Achieve.
The offering is subject to market and other conditions, and there
can be no assurance as to whether or when the offering may be
completed, or as to the actual size or terms of the offering.
Lake Street Capital Markets LLC is acting as the sole
bookrunning manager in the offering. Maxim Group LLC is serving as
Achieve intends to use the proceeds from the offering to fund
its Phase 3 ORCA-2 trial, clinical research and development, as
well as for working capital and general corporate purposes.
A registration statement on Form S-1 (File No. 333-250074) has
been filed with the Securities and Exchange Commission (SEC) but
has not yet become effective. Securities may not be sold, nor may
offers to buy be accepted, prior to the time the registration
statement becomes effective. The offering is being made only by
means of a prospectus included in the registration statement,
copies of which may be obtained from: Lake Street Capital Markets
LLC, Prospectus Department, 920 Second Avenue South, Suite 700,
Minneapolis, Minnesota 55402 or by
email at firstname.lastname@example.org. Electronic copies of the
preliminary prospectus supplement and accompanying prospectus will
also be available on the website of the SEC at
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. Any offers,
solicitations or offers to buy, or any sales of securities will be
made in accordance with the registration requirements of the
Securities Act of 1933, as amended.
About Achieve and Cytisinicline
Tobacco use is currently the leading cause of preventable death
that is responsible for more than eight million deaths worldwide.
and nearly half a million deaths in the U.S.
annually.12 More than 87% of lung cancer deaths,
61% of all pulmonary disease deaths, and 32% of all deaths from
coronary heart disease are attributable to smoking and exposure to
secondhand smoke.2 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
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 Achieve makes regarding its intention to conduct an
offering and sale of securities, the grant of the option to
purchase additional shares, the ability to complete the offering
and expected use of proceeds, potential benefits of Achieve's
product candidates and platform and potential market opportunities
for Achieve's product candidates. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements. There can be no assurance
regarding the completion, timing or size of the proposed
offering. 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 related to
market conditions, the satisfaction of customary closing conditions
related to the proposed public offering, and others described in
Achieve's Annual Reports on Form 10-K and Quarterly Reports on Form
10-Q, and in the preliminary prospectus contained in the
registration statement related to the proposed offering filed with
the SEC on November 30, 2020. 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
(415) 375-3340 ext. 4
1 World Health Organization. WHO Report on the
Global Tobacco Epidemic, 2019. Geneva: World Health Organization, 2017.
2 U.S. Department of Health and Human Services. The
Health Consequences of Smoking - 50 Years of Progress. A Report of
the Surgeon General, 2014.
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SOURCE Achieve Life Sciences, Inc.