Achieve Life Sciences Joins U.S. Russell 3000 and Microcap Indexes

SEATTLE and VANCOUVER, British Columbia, July 1, 2024-- Achieve Life Sciences, Inc. (Nasdaq: ACHV), a pharmaceutical company focused on the global development and commercialization of cytisinicline for smoking cessation and nicotine dependence, announced its inclusion in the U.S. Russell 3000® and Russell Microcap® Indexes. This inclusion is effective today, coinciding with the opening of the U.S. equity markets.

John Bencich, Chief Executive Officer of Achieve Life Sciences, expressed pride in the company's inclusion in these indexes, viewing it as an opportunity to increase visibility among investors. He highlighted that this acknowledgment reflects the company's strong business fundamentals and the market potential of cytisinicline as a treatment for nicotine dependence. Bencich emphasized Achieve's commitment to its strategic goals, aiming to deliver value for stakeholders while addressing the global crisis of smoking and nicotine vaping addiction. He mentioned that the company plans to submit a new drug application for smoking cessation treatment in the U.S. in the first half of 2025.

Additionally, Achieve Life Sciences recently announced a non-binding term sheet to refinance and extend the maturity date of its existing term loans with Silicon Valley Bank (SVB) and its affiliates. The proposed facility amount is up to $20 million, maturing on June 1, 2028, with interest-only payments through at least December 31, 2025. Both parties expect to finalize the refinanced loan on or before the current loan's maturity date of August 1, 2024. However, the term sheet is non-binding, and there is no guarantee that a definitive agreement will be reached.

FTSE Russell reconstitutes its U.S. indexes annually, capturing the 4,000 largest U.S. stocks based on total market capitalization as of April 30, 2024. Membership in the Russell 3000® Index, which lasts for one year, means automatic inclusion in the Russell 1000® or Russell 2000® Indexes, as well as the appropriate growth and value style indexes. FTSE Russell uses objective market-capitalization rankings and style attributes to determine membership, and these indexes are widely utilized by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.

Achieve Life Sciences is dedicated to addressing the global health crisis caused by smoking and nicotine addiction through the development and commercialization of cytisinicline. In the United States alone, there are an estimated 28 million adults who smoke combustible cigarettes. Tobacco use is a leading cause of preventable death, contributing to over eight million deaths worldwide and nearly half a million deaths in the U.S. annually. Smoking is responsible for a significant percentage of deaths from lung cancer, pulmonary disease, and coronary heart disease. Additionally, over 11 million U.S. adults use e-cigarettes, or "vaping" devices. In 2023, about 2.1 million middle and high school students in the U.S. reported using e-cigarettes. Currently, there are no FDA-approved treatments specifically for nicotine e-cigarette cessation.

Cytisinicline, a plant-based alkaloid, exhibits a high binding affinity to the nicotinic acetylcholine receptor. It is believed to aid in nicotine addiction treatment for both smoking and e-cigarette cessation by interacting with nicotine receptors in the brain. This interaction reduces withdrawal symptoms and decreases the reward and satisfaction associated with nicotine products. Cytisinicline is still an investigational product and has not yet received FDA approval for any indication in the United States.

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