Achieve Life Sciences Announces Granting of New Hire Inducement Award
27 Januar 2023 - 10:30PM
Achieve Life Sciences, Inc. (Nasdaq: ACHV), a late-stage
pharmaceutical company committed to the global development and
commercialization of cytisinicline for smoking cessation and
nicotine addiction, today announced that the Company has issued an
inducement grant of stock options to a new employee.
Achieve’s Board of Directors approved the new employment
inducement grant to purchase 15,000 shares of Achieve’s common
stock with the grant awarded on January 25, 2023. Achieve granted
the stock options as a material inducement to the new employee for
entering into an employment agreement with Achieve in accordance
with Nasdaq Listing Rule 5635(c)(4).
The stock options approved under the inducement grant were
issued pursuant to a stock option agreement on terms substantially
similar to Achieve’s 2018 Equity Incentive Plan and have a per
share exercise equal to the closing price of Achieve’s common stock
on January 25, 2023. The stock options vest over four years, with
25% vesting on the first anniversary of the employee’s start date
and 1/36TH of the remaining shares vesting monthly thereafter,
subject to the employee’s continued employment on each such date.
The stock options have a 10-year term and are subject to the terms
and conditions of the stock option
agreements.
About Achieve and Cytisinicline Achieve’s focus
is to address the global smoking health and nicotine addiction
epidemic through the development and commercialization of
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 United
States 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
In addition, there are nearly 11 million adults in the United
States who use e-cigarettes, also known as vaping.3 While nicotine
e-cigarettes are thought to be less harmful than combustible
cigarettes, they remain addictive and can deliver harmful chemicals
which can cause lung injury or cardiovascular disease.4 In 2021,
e-cigarettes were the most commonly used tobacco product reported
by 1.72 million high school students.5 Research shows adolescents
who have used e-cigarettes are seven times more likely to become
smokers one year later compared to those who have never vaped.6
Currently, there are no FDA-approved treatments indicated
specifically as an aid to nicotine e-cigarette
cessation. Cytisinicline is a plant-based alkaloid with a high
binding affinity to the nicotinic acetylcholine receptor. It is
believed to aid in treating nicotine addiction for smoking and
e-cigarette cessation by interacting with nicotine receptors in the
brain, reducing the severity of withdrawal symptoms, and reducing
the reward and satisfaction associated with nicotine products.
Cytisinicline is an investigational product candidate being
developed for treatment of nicotine addiction and has not been
approved by the Food and Drug Administration for any indication in
the United States. For more information on cytisinicline and
Achieve visit www.achievelifesciences.com.
Investor Relations Contact Rich
Cockrell achv@cg.capital (404) 736-3838
Media Contact Glenn
Silver Glenn.Silver@Finnpartners.com (646) 871-8485
References1World Health Organization. WHO
Report on the Global Tobacco Epidemic, 2019. Geneva: World Health
Organization, 2017.2U.S. Department of Health and Human Services.
The Health Consequences of Smoking – 50 Years of Progress. A Report
of the Surgeon General, 2014.3Cornelius ME, Wang TW, Jamal A,
Loretan CG, Neff LJ. Tobacco Product Use Among Adults — United
States, 2019. MMWR Morb Mortal Wkly Rep 2020;69:1736–1742. DOI:
10.15585/mmwr.mm6946a44Ogunwale, Mumiye A et al. (2017) Aldehyde
Detection in Electronic Cigarette Aerosols. ACS omega 2(3):
1207-1214. DOI: 10.1021/acsomega.6b00489].5Gentzke AS, Wang TW,
Cornelius M, et al. Tobacco Product Use and Associated Factors
Among Middle and High School Students – National Youth Tobacco
Survey, United States, 2021. MMWR Surveill Summ 2022;71(no.
SS-5):1-29. DOI: 10.15585/mmwr.ss7105a1.6Elizabeth C. Hair, Alexis
A. Barton, Siobhan N. Perks, Jennifer Kreslake, Haijun Xiao,
Lindsay Pitzer, Adam M. Leventhal, Donna M. Vallone, Association
between e-cigarette use and future combustible cigarette use:
Evidence from a prospective cohort of youth and young adults,
2017–2019, Addictive Behaviors, Volume 112, 2021, 106593, ISSN
0306-4603. DOI: 10.1016/j.addbeh.2020.106593.
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