Achieve Life Sciences Inc (NASDAQ: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.
