Benzinga | Aug 13, 2021 05:33AM EDT

Achieve Life Sciences Announced Expansion of Cytisinicline Clinical Operations Team

Achieve Life Sciences, Inc. (NASDAQ:ACHV) today announced that the Company has expanded its Clinical Operations Team with the hiring of a Director of Clinical Operations, a Senior Manager of Clinical Trials, and a Senior Director of Biometrics.

"We are excited to welcome our new clinical team members to Achieve and look forward to their contributions to the cytisinicline development program, including their efforts to support our fully enrolled Phase 3 ORCA-2 trial in combustible cigarette cessation and the planned Phase 2 ORCA-V1 trial in nicotine e-cigarette cessation," commented Dr. Cindy Jacobs, Achieve's President and Chief Medical Officer.

Achieve's Board of Directors approved three new employment inducement grants of stock options to purchase an aggregate of 45,000 shares of common stock with grant dates of August 10, 2021, August 23, 2021, and September 13, 2021. Achieve granted the stock options as a material inducement to these employees for entering into employment agreements with Achieve in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options approved under the Inducement Grants were issued on terms substantially similar to Achieve's 2018 Equity Incentive Plan and have a per share exercise equal to the closing price of Achieve's common stock on the applicable grant date. The stock options vest over four years, with 25% vesting on the first anniversary of the employees' respective start dates and 1/36TH of the remaining shares vesting monthly thereafter, subject to the employees' continued employment on each such date. The stock options have a 10-year term and are subject to the terms and conditions of the stock option agreements.