Achieve Life Sciences, Inc. (ACHV) has seen an incline of 6.56% in the aftermarket. However, the last trading session closed at $8.39 with an increase of 1.08%.
Expansion of Cytisinicline Clinical Operations Team and Granting of Inducement Awards
On 13th August 2021, ACHV announced the employment of a Director of Clinical Operations, a Senior Manager of Clinical Trials, and a Senior Director of Biometrics to the company’s Clinical Operations Team. Firstly, the Board of Directors of ACHV approved three additional employment incentive stock option awards. Secondly, in line with Nasdaq Listing Rule 5635(c), ACHV issued the stock options to these individuals as a substantial incentive for signing employment agreements with the company.
Thirdly, the stock options are structured similarly to Achieve’s 2018 Equity Incentive Plan, with a per-share exercise price equal to the closing price of Achieve’s common stock on the grant date. ACHV options vest over the course of four years, with 25% vesting on the first anniversary of the workers’ individual start dates. Lastly, the stock options have a 10-year duration and are subject to the stock option agreements’ terms and restrictions.
Second-quarter 2021 Results
ACHV announced second-quarter 2021 financial results on 12th August 2021. According to the report, at 17 clinical locations across the United States, the Phase 3 ORCA-2 study enrolled 810 adult smokers. The main objective in the six and twelve-week cytisinicline treatment groups is biochemically confirmed during the last four weeks of therapy compared to placebo. The cash, cash equivalents, and restricted cash balances of the firm were $42.1 million as of June 30, 2021. Total operating expenditures were $11.3 million and $19.3 million, respectively, for the three and six months ended June 30, 2021. Lastly, the company lost $11.3 million and $19.3 million in the three and six months.
ACHV Announces Two Patents Granted by USPTO for Novel Cytisinicline Dosing and Administration Regimen
On 11th August 2021, The United States Patent and Trademark Office (USPTO) has issued U.S. Patent No. 11,083,715 and U.S. Patent No. 11,083,716 for a new 3.0 mg TID cytisinicline dosage regimen. The patents cover the planned 3.0 mg commercial dosage of cytisinicline given TID. They are based on findings from the ORCA-1 clinical trial, which looked at different doses and administrations of the drug.
Moreover, the claims of ACHV will encompass this innovative dosage and administration route. Not only this but it promotes the decrease and/or cessation of smoking and vaping in treatment-naive and refractory patients who have failed previous smoking cessation therapies. The patents will expire in the third quarter of 2040, except for any possible patent term extensions.
