SEATTLE and VANCOUVER, British Columbia, June 3, 2019 /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 that it
entered into an agreement with a single investor to exercise
outstanding warrants that will provide an aggregate of $4.2 million in total proceeds. The proceeds from
the warrant exercise would bring Achieve's pro-forma cash balance
to approximately $13.9M as of
March 31, 2019, based on its most
recently reported financial results.
Pursuant to the agreement, the investor agreed to exercise
outstanding warrants to purchase 270,313 shares of the Company's
common stock, with an exercise price of $3.1445 per share and outstanding warrants to
purchase 837,500 shares of Common Stock with an exercise price of
$4.00 per share. In exchange for the
warrant exercise, Achieve has agreed to issue the investor a new
warrant, exercisable for six years, to purchase up to 1,200,000
shares of Common Stock at an exercise price of $4.50 per share. The Company also agreed to file
a registration statement covering the resale of the shares issuable
upon exercise of the new warrant.
About Achieve
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.
Tobacco use is currently the leading cause of preventable death
and is responsible for nearly seven million deaths annually
worldwide1. It is estimated that 28.7% of cancer deaths
in the U.S. are attributable to cigarette smoking2.
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 regarding the potential
market size for cytisinicline and the potential benefits of
cytisinicline. 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; 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 law.
Achieve Contact
Jason Wong
jwong@bplifescience.com
(415) 375-3340 ext. 4
1World Health Organization. WHO Report on the Global
Tobacco Epidemic, 2017. 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.