ACHV - Achieve Life Sciences announces $18.9M private placement

• Achieve Life Sciences ( NASDAQ: ACHV ) on Tuesday announced an ~$18.9M private placement of its securities.
• The private placement will be for up to ~4.1M units at $4.625/unit, with each unit consisting of two shares and one warrant to buy a share.
• The private placement was priced at $2.3125/share, an 8.6% premium to Achieve's ( ACHV ) closing price the day prior to entering into the subscription deal, including a one-half warrant per share.
• The private placement is expected to close on or about Nov. 18.
• The warrants will have an initial per share exercise price of $4.50.
• Proceeds will be used to fund clinical research and development, and for general working capital.
• Achieve ( ACHV ) expects the net proceeds, plus existing financial resources, will be sufficient to fund operations into late 2023.
• The private placement includes a new life sciences focused investment fund, participation from Achieve ( ACHV ) management, as well as new and existing investors.

For further details see: