Business
Achieve Receives $4.2 Million from Exercise of Warrants
SEATTLE and VANCOUVER, British Columbia, June 3, 2019 /PRNewswire/ -- Achieve Life Sciences, Inc. (Nasdaq: ACHV), a clinical-stage pharmaceutical company
About this update from Achieve Life Sciences, Inc.
[{"type":"text","content":"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.\nPursuant 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. \nAbout Achieve Achieve's focus is to address the global smoking health epidemic through the development and commercialization of cytisinicline. \nCytisinicline 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. \nTobacco 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.\nForward Looking StatementsThis 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 limit...