SEATTLE and VANCOUVER, B.C., Dec.
3, 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 and nicotine addiction, today announced the
pricing of an underwritten public offering of 2,150,000 shares of
its common stock at a price to the public of $7.00 per share. The aggregate gross proceeds
from this offering are expected to be approximately $15 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 322,500 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 December 7, 2020, subject to
the satisfaction of customary closing conditions.
Lake Street Capital Markets LLC is acting as the sole
bookrunning manager in the offering. Maxim Group LLC is serving as
the co-manager.
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.
The securities are being offered by Achieve pursuant to a
registration statement on Form S-1 (File No. 333-250074) declared
effective by the Securities and Exchange Commission (SEC) on
December 2, 2020, and the
registration statement filed by the Company with the SEC on
December 2, 2020 pursuant to Rule
462(b). 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
info@lakestreetcm.com. When available, electronic copies of the
final prospectus may be obtained for free by visiting 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. 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.1 2
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 smoking.
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
the ability to complete the offering, potential exercise of the
overallotment option, 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 of the 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, and others described in Achieve's Annual Reports on
Form 10-K and Quarterly Reports on Form 10-Q, and Achieve's
registration statement on Form S-1 (File No. 333-250074). 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 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.