SEATTLE and VANCOUVER, BC,
Aug. 3, 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 shares of its common stock and, 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 shares of common
stock. In addition, Achieve intends to grant the underwriters a
30-day option to purchase up to an additional 15% of the 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
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 will be filed with the SEC. When
available, copies of the preliminary prospectus supplement and the
accompanying prospectus relating to this offering 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 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 and anticipated preclinical and
clinical development activities, timing of announcements of
clinical results, 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. 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.