NEW YORK, NY / ACCESSWIRE / July 12, 2018 / Shares of Achieve Life Sciences exploded on Wednesday after the company announced the advancement of the Cytisine Development Program after its meeting with the FDA. Shares of Pfizer modestly closed down but the company announced it would be reorganizing into three businesses and that it would postpone drug price increases.
RDI Initiates Coverage on:
Achieve Life Sciences, Inc.
Achieve Life Sciences, Inc. shares closed up almost 11% on nearly 18 million shares traded on Wednesday. Trading volume was tremendous compared to the stock's average trading volume of just under 650,000 shares. The big moves came after the company announced an update on the cytisine development program following a meeting conducted with the Food and Drug Administration. The company said in a press release that "the meeting with the FDA on the non-clinical and clinical development plans has further defined Achieve's Phase 3 clinical program and expected future New Drug Application (NDA) submission." CEO Rick Stewart stated, "The successful outcome of our discussions with the FDA has provided us with clarity and direction to better inform our Phase 3 clinical development program and our efforts toward expanding cytisine availability. Smoking is responsible for the deaths of nearly a half a million Americans every year and new treatment options are desperately needed to help those battling nicotine addiction."
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Pfizer Inc. shares closed down a modest 0.59% yesterday on nearly 16.9 million shares traded. The pharma giant had several developments this week that are noteworthy. First, Pfizer agreed to reverse or postpone drug price hikes. The company's CEO spoke with President Trump who blasted the company this week for the drug price increases. Pfizer said it will return prices on dozens of the company's drugs to where they were before July 1 "as soon as technically possible." President Trump tweeted on Tuesday, "Just talked with Pfizer CEO and @SecAzar on our drug pricing blueprint. Pfizer is rolling back price hikes, so American patients don’t pay more. We applaud Pfizer for this decision and hope other companies do the same. Great news for the American people!" Pfizer also announced this week that it would be breaking into three, more specialized businesses focusing on innovative medicines, established medicines and consumer healthcare by next year. "This new structure represents a natural evolution of these businesses given the ongoing strength of our in-market products and our late-stage pipeline," said CEO Ian Read.
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