BOTHELL, Wash. and VANCOUVER, British Columbia, Sept. 14, 2017 /PRNewswire/ -- Achieve Life Sciences, Inc. (NASDAQ: ACHV), a clinical-stage pharmaceutical
company committed to the global development and commercialization of cytisine for smoking cessation, today announced that it has
entered into a share purchase agreement with Lincoln Park Capital Fund, LLC pursuant to which Achieve may sell up to $11.0 million of shares of common stock over the 30 month term of the Purchase Agreement. The agreement
includes an initial purchase of $1.0 million for 328,947 shares of common stock and a warrant to
purchase 82,237 shares of common stock.
Following completion of the initial $1.0 million purchase, Achieve has the right, at its sole
discretion, to sell up to an additional $10.0 million worth of shares to Lincoln Park, from time to
time in amounts and on such terms and conditions as are described in the Purchase Agreement. Under the terms of the Purchase
Agreement, Achieve has control over the timing and amount of any future sale of shares which are subject to certain conditions,
and Lincoln Park is obligated to make such purchases in accordance with the terms of the
agreement.
Achieve intends to use the net proceeds it receives from this offering for working capital and general corporate purposes,
including to advance the clinical development of cytisine.
There are no upper price limitations Lincoln Park may pay to purchase common stock from the
Company, and the purchase price of any future shares will be based on the prevailing market prices of the Company's shares at the
time of each sale. In consideration for entering into the agreement and committing to fund up to $11.0
million, Achieve has issued shares of common stock to Lincoln Park as a commitment fee. Lincoln Park has also agreed not to cause or engage in any manner whatsoever, any direct or indirect short
selling or hedging of the shares. Achieve may terminate the Purchase Agreement at any time, at its sole discretion, without any
cost or penalty.
The financing is being conducted pursuant to an effective shelf registration statement filed with the SEC. A prospectus
supplement and the accompanying prospectus describing the terms of the financing will be filed with the SEC. Electronic copies of
the prospectus supplement and accompanying prospectus will be available on the SEC's website at http://www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Achieve, nor
shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Achieve Contact
Hershel Berry
hberry@bplifescience.com
(415) 375-3340 ext. 1
View original content with multimedia:http://www.prnewswire.com/news-releases/achieve-announces-share-purchase-agreement-with-lincoln-park-capital-fund-llc-300519921.html
SOURCE Achieve Life Sciences, Inc.