Business
Achieve Life Sciences, Inc. Announces Closing of $17.3 Million Underwritten Public Offering, Including Full Exercise of Overallotment Option
SEATTLE and VANCOUVER, B.C., Dec. 7, 2020 /PRNewswire/ -- Achieve Life Sciences, Inc. (Nasdaq: ACHV), a clinical-stage pharmaceutical company committed to the
About this update from Achieve Life Sciences, Inc.
[{"type":"text","content":"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. \n\n \n \n \n \n \n \n\n \nAchieve 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. \nLake Street Capital Markets LLC acted as the sole bookrunning manager in the offering. Maxim Group LLC served as the co-manager.\nThe 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.\nThis 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 [email protected]. \nAbout Achieve and CytisiniclineTobacco 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 f...