Achieve Life Sciences Announces Expansion of Cytisinicline Clinical Operations Team and Granting of Inducement Awards
August 13, 2021 at 05:30 AM EDT
SEATTLE, WA and VANCOUVER, BC / ACCESSWIRE / August 13, 2021 / 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 that the Company has expanded its Clinical Operations Team with the hiring of a Director of Clinical Operations, a Senior Manager of Clinical Trials, and a Senior Director of Biometrics.
"We are excited to welcome our new clinical team members to Achieve and look forward to their contributions to the cytisinicline development program, including their efforts to support our fully enrolled Phase 3 ORCA-2 trial in combustible cigarette cessation and the planned Phase 2 ORCA-V1 trial in nicotine e-cigarette cessation," commented Dr. Cindy Jacobs, Achieve's President and Chief Medical Officer.
Achieve's Board of Directors approved three new employment inducement grants of stock options to purchase an aggregate of 45,000 shares of common stock with grant dates of August 10, 2021, August 23, 2021, and September 13, 2021. Achieve granted the stock options as a material inducement to these employees for entering into employment agreements with Achieve in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock options approved under the Inducement Grants were issued on terms substantially similar to Achieve's 2018 Equity Incentive Plan and have a per share exercise equal to the closing price of Achieve's common stock on the applicable grant date. The stock options vest over four years, with 25% vesting on the first anniversary of the employees' respective start dates and 1/36TH of the remaining shares vesting monthly thereafter, subject to the employees' continued employment on each such date. The stock options have a 10-year term and are subject to the terms and conditions of the stock option agreements.
About Achieve and Cytisinicline
Cytisinicline 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.
Achieve recently announced completion of enrollment in the Phase 3 ORCA-2 clinical trial, evaluating cytisinicline as a treatment for combustible cigarette cessation. Topline results from the ORCA-2 trial are expected in the first half of 2022. For more information on Achieve Life Sciences and cytisinicline please visit www.achievelifesciences.com.
Investor Relations Contact
 World Health Organization. WHO Report on the Global Tobacco Epidemic, 2019. Geneva: World Health Organization, 2017.
 U.S. Department of Health and Human Services. The Health Consequences of Smoking - 50 Years of Progress. A Report of the Surgeon General, 2014.
SOURCE: Achieve Life Sciences, Inc.
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