SEATTLE and VANCOUVER, British Columbia, April 30, 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 that it has entered into
definitive agreements for a private placement of its securities for
gross proceeds of approximately $1.9
million, prior to deducting placement agent commissions and
estimated offering expenses.
The private placement will be for up to 5,615,653 units at a
price of $0.33 per unit, with each
unit consisting of one share of common stock and a warrant to
purchase 0.75 shares of common stock. The private placement
will close in two tranches based on the execution of definitive
documents on April 27, 2020 and
April 28, 2020. The warrants for the
first closing have an initial per share exercise price of
$0.362, and the warrants for the
second closing have an initial per share exercise price of
$0.366. All warrants will be
exercisable beginning on the six-month anniversary of the initial
closing of the offering and will have a five-year term. The Company
intends to use the proceeds from the private placement to fund
clinical research and development, and for general working
capital.
Paulson Investment Company, LLC, acted as the exclusive
placement agent in connection with this offering.
The Company has additionally agreed to file a registration
statement to register the resale of the shares of common stock
included in the units and underlying the investor and placement
agent warrants within 60 days of the closing of the offering.
The Company offered and sold the securities described above in
reliance on Section 4(a)(2) of the Securities Act of 1933, as
amended, and Regulation D promulgated thereunder.
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 regarding the completion
of the offering and the expected net proceeds of the offering. 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.