ACHV - Achieve Life secures $25M loan facility to fund cytisinicline smoking cessation program

Achieve Life Sciences (ACHV +2.2%) has entered into a $25M debt agreement with Silicon Valley Bank and SVB Innovation Credit Fund VIII, L.P. The proceeds and funds are expected to fund the completion of the cytisinicline smoking cessation clinical development program. As part of the contingent convertible debt agreement, SVB will fund $15M in the form of convertible indebtedness and up to $10M in non-convertible term loans. Under the terms of the agreement, the outstanding loans mature December 22, 2023, and will accrue interest at: a floating rate per annum equal to the greater of 2.25% and the prime rate minus 1.0%, , which interest is payable in cash monthly in arrears, and 7.0% per annum, which interest shall compound monthly.

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Achieve Life secures $25M loan facility to fund cytisinicline smoking cessation program