ACHV stock exploded higher in pre-market trading but then retraced to its entry level. This is a rare retracement alert in pre-market trading.
A retracement alert triggers when a stock experiences an extreme increase in price in the pre-market compared to the previous days close, but then retraces and falls back to its pivot level where the extreme increase began.
A share dilution event was uncovered in an SEC filing on December 16, 2019. Source: https://www.sec.gov/Archives/edgar/data/949858/000156459019046005/achv-s1a.htm
Back on December 9, 2019, Achieve Life Sciences, Inc. (Nasdaq: ACHV), a clinical-stage pharmaceutical company committed to the global development and commercialization of cytisinicline for smoking cessation and nicotine addiction, announced an update on the cytisinicline clinical development program.
Following discussions with the Food and Drug Administration (FDA), Achieve has received feedback on the final Phase 3 clinical trial protocols and the cytisinicline clinical development program. Specifically, the FDA has agreed with the overall Phase 3 study designs that will utilize the simplified cytisinicline dosing schedule of 3.0 mg administered three times daily and the duration of 6 and 12 weeks of treatment. The FDA also agreed that the use of the newly-developed, single 3.0 mg cytisinicline tablet in the Phase 3 program was acceptable.
Minimal changes to the Phase 3 protocol were discussed and agreed upon by both Achieve and the FDA. No changes were required for the primary and secondary analyses. Achieve agreed to complete a second chronic toxicology study supporting the 12 weeks of treatment prior to initiating the Phase 3 program. The chronic toxicology study report is expected to be available and submitted to the FDA in the first quarter of 2020.
The FDA agreed that no further escalation in cytisinicline dosing beyond the 30.0 mg dose was necessary for defining a maximum tolerated dose, which is required for the New Drug Application (NDA).
“We are extremely appreciative of the collaborative and successful discussions with the FDA at the meeting and look forward to submitting the final non-clinical requirements and initiating the Phase 3 program in the first half of 2020,” commented Dr. Cindy Jacobs, Chief Medical Officer of Achieve.
Achieve previously announced results of the Phase 2b ORCA-1 trial evaluating cytisinicline efficacy and safety across various dosing and administration schedules in 254 smokers in the United States. Topline results demonstrated a 54% abstinence rate at week 4 in the 3.0 mg three times daily (TID) cytisinicline arm compared to 16% for placebo (p < 0.0001). Additionally, for the 3.0 mg TID cytisinicline arm, a 4-week continuous abstinence rate, weeks 5 through 8, of 30% for cytisinicline was observed compared to 8% for placebo (p= 0.005). Continuous abstinence for 4 weeks is the relevant endpoint for regulatory approval and will be the primary endpoint in the planned Phase 3 trials.
Overall adherence to study treatment was greater than 94% across all treatment arms and 98% in the 3.0 mg TID arm, specifically. Cytisinicline was generally well-tolerated with no serious or severe adverse events (AEs) reported. Overall, in subjects treated with cytisinicline, all individual AEs reported were below a rate of 10%. Minimal rates of abnormal dreams, insomnia, upper respiratory tract infections, and nausea were reported compared with placebo.