Notable News to Watch: Achieve Life Sciences, Inc. (NASDAQ: ACHV)

On 18 May 2020, Achieve Life Sciences, Inc. (NASDAQ: ACHV) spotted trading -91.40% off 52-week high price. On the other end, the stock has been noted 68.82% away from the low price over the last 52-weeks. The stock changed 4.41% to recent value of $0.38. The stock transacted 351178 shares during most recent day however it has an average volume of 1030K shares. The company has 30.94M of outstanding shares and 31M shares were floated in the market.

 

Achieve Life Sciences, Inc. (ACHV) recently reported fourth quarter and year-end 2019 financial results and provided an update on the cytisinicline clinical development program.

Contract with the FreeMind Group to secure non-dilutive financing for vaping trials
Achieve retained the FreeMind Group, an international consulting firm dedicated to assisting life science organizations secure non-dilutive funding. Achieve and FreeMind will conduct a planned assessment of potential non-dilutive funding opportunities from various public and private sources, followed by anticipated grant production and submission, to further the clinical development of cytisinicline in vaping or e-cigarette cessation.

Closed underwritten public offering for gross proceeds of $13.8M
In December 2019, Achieve reported the closing of an underwritten public offering that raised total gross proceeds of $13.8M, which includes the full exercise of the underwriter’s over-allotment option to purchase additional shares and warrants, previous to deducting underwriting discounts and commissions and offering expenses.

Financial Results
As of December 31, 2019, the company’s cash, cash equivalents, and restricted cash was $16.7M. Total operating expenses for the fourth quarter and year ended December 31, 2019 were $3.2M and $16.5M, respectively. Total net loss for the fourth quarter and year ended December 31, 2019 was $3.2M and $16.4M, respectively.

The price moved ahead of -6.08% from the mean of 20 days, 5.75% from mean of 50 days SMA and performed -60.90% from mean of 200 days price. Company’s performance for the week was -13.10%, 6.69% for month and YTD performance remained -31.12%.

 

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