Achieve Life Sciences Announces Expansion of Cytisinicline Clinical Operations Team and Granting of Inducement Award

About this update from Achieve Life Sciences, Inc.

[{"type":"text","content":"SEATTLE and VANCOUVER, British Columbia, Feb. 03, 2022 (GLOBE NEWSWIRE) -- 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 the Company has expanded its Clinical Operations Team with the hiring of a Director of Clinical Operations. Achieve’s Board of Directors approved the new employment inducement grant of stock options to purchase 15,000 shares of Achieve’s common stock with a grant date of January 31, 2022. Achieve granted the stock options as a material inducement to the new employee for entering into employment agreements 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 31, 2022. 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 agreement. 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. Achieve recently announced completion of enrollment in the Phase 3 ORCA-2 c...

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