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Achieve Life Sciences Inc (NASDAQ:ACHV) shares were posting double-digit gains Tuesday on roughly 83 times the stock's average volume.
The stock was up 31 percent at the time of publication at $4.97.
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What Happened
Achieve Life Sciences announced that its cytisine produced positive study results when evaluated as a smoking cessation treatment option.
Cytisine is a plant-based alkaloid which binds to the nicotinic acetylcholine receptor, according to the company.
The results were based on a series of drug metabolism, drug-to-drug interaction and transponder studies.
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The pipeline candidate can be administered without modifying the dose of the co-administered drug.
"We are very pleased with the results of these detailed studies. Smokers are as likely as anyone to take medications for a range of conditions. These results suggest that cytisine is unlikely to interfere with their ability to take other medications safely, and should help to minimize restrictions on the eligibility of subjects in our forthcoming clinical trials," Chief Scientific Officer Anthony Clarke said in a statement.
Two previous Phase 3 studies, dubbed TASC and CASCAID, in which a total of 2,000 patients were enrolled, produced favorable outcomes, according to Achieve.
What's Next
The company plans to initiate further clinical trials later this year.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.