Achieve Life Sciences Secures $25M Loan Facility To Fund Smoking Cessation Program

Achieve Life Sciences Inc ACHV has entered into a $25 million debt agreement with Silicon Valley Bank and SVB Innovation Credit Fund VIII, L.P. 

• The proceeds and funds available under the debt agreement are expected to fund the completion of the cytisinicline smoking cessation clinical development program.
• Related: Achieve Life Sciences To Start Cytisinicline's Trial For Nicotine E-cigarette Cessation.
• As part of the contingent convertible debt agreement, SVB will fund $15 million in the form of convertible indebtedness. Achieve may borrow additional non-convertible term loans of up to $10 million.
• The outstanding convertible debt may be converted into Achieve's common shares at a conversion price equal to $9.34 per share, 
• Price Action: ACHV shares are up 3.11% at $7.80 during the market session on the last check Wednesday.