SEATTLE, Wash and VANCOUVER, British Columbia, August 8, 2018 — Achieve Life Sciences, Inc. (NASDAQ: ACHV), a clinical-stage pharmaceutical company committed to the global development and commercialization of cytisine for smoking cessation, today provided an update on the cytisine clinical development program and announced second quarter 2018 financial results.
Recent Achieve Highlights
- Announced plans to initiate a Phase 2b optimization trial in the fourth quarter of 2018 following a meeting conducted with the United States (U.S.) Food and Drug Administration (FDA)
- Closed underwritten public offering for gross proceeds of $13.8 million
- Reported positive data demonstrating no clinically significant drug-drug interactions from a series of drug metabolism, drug interaction, and transporter studies evaluating cytisine
- Announced publication of data on next-generation cytisine molecules
- Announced new patent granted on novel formulation of cytisine
Rick Stewart, Chairman and Chief Executive Officer of Achieve Life Sciences commented, “we have made tremendous progress over the past few months on the cytisine development program, particularly the outcome of our discussions with the FDA that have provided us with clarity on our overall development strategy.”
FDA Meeting Outcome and Phase 2b Optimization Trial
Recent discussions with the FDA concluded that the Company may proceed with the Phase 3 program, however they recommended consideration of alternative dosing strategies that may enhance patient compliance. Consistent with this advice, Achieve plans to conduct a 250-patient Phase 2b trial in the U.S. that will evaluate overall treatment efficacy, safety, and compliance profiles of various cytisine dosing regimens compared to placebo.
Completed $13.8M Financing
Achieve announced the closing of an underwritten public offering of units for gross proceeds of $13.8 million, which includes the full exercise of the underwriter’s over-allotment option to purchase additional shares and warrants, prior to deducting underwriting discounts and commissions and estimated offering expenses.
Positive Data Demonstrating No Clinically Significant Drug-to-Drug Interaction Studies
A series of drug metabolism, drug-to-drug interaction, and transporter studies demonstrated that cytisine has no clinically significant interaction with any of the hepatic enzymes commonly responsible for drug metabolism nor clinically si