Achieve Life Sciences Secures $25M Loan Facility To Fund Smoking Cessation Program
Achieve Life Sciences Inc (NASDAQ: ACHV) has entered into a 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.
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