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Achieve Life Sciences Shares Rip Higher On Positive Data For Smoking Cessation Drug

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Achieve Life Sciences Shares Rip Higher On Positive Data For Smoking Cessation Drug

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.

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.

Why It's Important

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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