SEATTLE and VANCOUVER, B.C., Dec.
7, 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
closing of an underwritten public offering of 2,472,500 shares of
its common stock at a public offering price of $7.00, for total gross proceeds of
$17.3 million, prior to deducting
underwriting discounts and commissions and estimated offering
expenses. This includes the full exercise of the underwriter's
over-allotment option to purchase an additional 322,500 shares of
common stock.
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
capital from this financing extends the Company's cash runway into
mid-2022.
Lake Street Capital Markets LLC acted as the sole bookrunning
manager in the offering. Maxim Group LLC served as the
co-manager.
The securities described above were offered pursuant to a
registration statement on Form S-1 (File No. 333-250074), which was
declared effective by the Securities and Exchange Commission (SEC)
on December 2, 2020.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. A
final prospectus relating to this offering was filed by Achieve
with the SEC. Copies of the final prospectus can be obtained at the
SEC's website at www.sec.gov or from Lake Street Capital Markets
LLC, Prospectus Department, 920 Second Avenue South, Suite 700,
Minneapolis, Minnesota 55402 or by
email at info@lakestreetcm.com.
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 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.
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 and Achieve's
registration statement on Form S-1 (File No. 333-250074), as
amended, and Form S-1MEF (File No. 333-251088). 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.