ACHV News & Events

Before the market opened, Achieve Life Sciences announced it had entered into a securities purchase agreement with healthcare investors for a private placement of its securities for gross proceeds up to approximately $354M, before deducting placement agent fees and other expenses, including initial upfront funding of approximately $180M and up to an additional approximately $174M on exercise of milestone-driven warrants. The private placement will be for 49.42M shares of common stock at a price of $3.635 per share, or in lieu of shares of common stock, an investor will purchase 100,500 pre-funded warrants at a purchase price of $3.634 per pre-funded warrant, and accompanying warrants to purchase up to 49,518,569 shares of common stock or pre-funded warrants, at a collective purchase price of $3.635 per share of common stock and accompanying warrant or, in lieu thereof, $3.634 per pre-funded warrant and accompanying warrant. The private placement was led by new investors Frazier Life Sciences, TPG Life Sciences Innovations, venBio Partners, Paradigm BioCapital Advisors and Marshall Wace and also includes participation from both new and existing investors, including Coastlands Capital, Dialectic Capital, Janus Henderson Investors, LifeSci Venture Partners, Logos Capital, Propel Bio Partners, Spruce Street Capital, Venrock Healthcare Capital Partners, Vivo Capital and Wellington Management.

Achieve Life Sciences announced it has appointed Andrew Goldberg, MD, as Chief Executive Officer and as a member of the Board of Directors, effective following the closing of Achieve's recently announced financing. Most recently, Goldberg served as a Portfolio Manager at Marshall Wace and previously as a Partner at Vivo Capital. Achieve has also appointed the following individuals to serve as members of the Company's Board of Directors, effective upon the closing of the financing: Lucian Iancovici, MD: Managing Director at TPG. Aaron E. Royston, MD: Managing Partner at venBio.