Seil to issue warrants at INR9.45 issue price on pref. basis
TL;DR
Achieve Life Sciences has completed a $45 million public offering to fund the development of cytisinicline, a nicotine cessation therapy. The offering includes shares and warrants, with proceeds aimed at advancing FDA approval and supporting corporate needs.
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Seil to issue warrants at INR9.45 issue price on pref. basis
Achieve Life Sciences Completes $45 Million Public Offering to Fund Nicotine Cessation Therapy Development
Achieve Life Sciences, Inc. (Nasdaq: ACHV), a specialty pharmaceutical company advancing cytisinicline for nicotine dependence treatment, has finalized a $45.0 million public offering of common stock and warrants. The underwritten offering includes 15 million shares of common stock and accompanying warrants to purchase up to 15 million additional shares, priced at $3.00 per share and warrant. The company also granted underwriters a 30-day option to purchase up to 2.25 million additional shares and warrants.
Each warrant is exercisable for common stock at $3.00 per share or pre-funded warrants at $2.999 per share, exercisable at any time post-issuance and expiring five years later. The offering, managed by Citizens Capital Markets and Raymond James as joint book-running managers, is expected to close on June 30, 2025, subject to customary conditions.
Proceeds will fund the advancement of cytisinicline toward potential U.S. Food and Drug Administration (FDA) approval for smoking cessation and support general corporate needs. The company submitted a New Drug Application (NDA) for cytisinicline in June 2025, following two successful Phase 3 trials and an open-label safety study.
Cytisinicline, a plant-based alkaloid targeting nicotine receptors, has received FDA Breakthrough Therapy designation for vaping cessation and is being developed to address nicotine addiction in both combustible cigarette and e-cigarette users. The offering was conducted under a previously filed SEC registration statement on Form S-3.
Investors are cautioned that forward-looking statements in the press release, including regulatory approval timelines and commercialization plans, involve risks and uncertainties. The company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q detail these risks.
This financing underscores Achieve Life Sciences' focus on addressing nicotine dependence, a market with significant unmet medical needs given the 29 million U.S. combustible cigarette smokers and 17 million e-cigarette users.
Achieve Life Sciences, Press Release, June 26, 2025: Achieve Life Sciences, Press Release, June 26, 2025.
