SEATTLE and VANCOUVER, British Columbia – Achieve Life Sciences (ACHV), a late-stage pharmaceutical firm, today announced the pricing of a public offering designed to bolster its cytisinicline program, a potential game-changer in nicotine dependence treatment. The company is offering 15,000,000 shares of its common stock, coupled with warrants to purchase an additional 15,000,000 shares, at a price of $3.00 per share and accompanying warrant. Underwriters have the option to purchase up to 2,250,000 additional shares and warrants.
Each warrant will allow the holder to purchase either common stock at $3.00 per share or pre-funded warrants, at an exercise price of $2.99 per pre-funded warrant. These warrants are exercisable immediately and expire five years from the issuance date.
The offering is expected to close around June 30, 2025, subject to standard closing conditions. The company anticipates gross proceeds of approximately $45.0 million before associated fees. Achieve plans to use these funds to advance cytisinicline through the FDA’s marketing approval process and for general working capital and corporate expenditures.
Citizens Capital Markets and Raymond James are leading the offering as joint book-running managers.
**The Stakes: A Market Ripe for Disruption**
Achieve is betting big on revolutionizing smoking cessation. The company’s lead drug candidate, cytisinicline, aims to address the significant global health crisis of nicotine dependence. The firm is seeking to capitalize on the growing push to help smokers quit traditional cigarettes and to aid the millions who vape as well.
The FDA designated Breakthrough Therapy status for cytisinicline, emphasizing the critical need for improved treatment options. Cytisinicline is an investigational product candidate and has not been approved by the Food and Drug Administration for any indication in the United States.
Achieve’s cytisinicline is a plant-based alkaloid designed to interact with the brain’s nicotine receptors, potentially reducing nicotine cravings and the satisfaction derived from nicotine products. The company’s success could represent a major step forward in an industry grappling with addiction and its associated health complications.
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