Shares of thinly traded, nano-cap biotech Achieve Life Sciences Inc ACHV traded sharply higher Friday morning before paring those gains.
Achieve, which develops Cytisinicline – a plant-based alkaloid with a high binding affinity to nicotinic acetylcholine receptor – for smoking cessation, said an abstract containing data from the Phase 2b trial dubbed ORCA-1 has been accepted for presentation at the SRNT-E Annual Conference to be held in Oslo, Sept. 12-14.
ORCA-1 is Achieve's first ORCA – Ongoing Research of Cytisinicline for Addiction – program that aims at evaluating the safety and efficacy of the pipeline candidate for smoking cessation, and potentially other addiction indications.
Top-line results from the ORCA-1 study which enrolled 254 smokers at eight centers across the U.S., announced in June showed a 74% to 80% median reduction in the number of cigarettes smoked over a 25-day treatment period compared to 62% for placebo.
The results however did not excite investors, as they pushed the shares down by about 25% June 11.
Achieve said the abstract "A Multicenter, Double-blind, Randomized, Placebo-controlled Phase 2b Trial of Cytisinicline in Adult Smokers" and the oral presentation will include updated cytisinicline data from the recently completed ORCA-1 trial.
Achieve traded around $2.42 at time of publication.
Related Links:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
