Achieve Life Sciences Announces Changes in Executive Leadership
Achieve Life Sciences, Inc. (Nasdaq: ACHV), a prominent pharmaceutical company dedicated to the global development of cytisinicline for smoking cessation and nicotine dependence, has revealed important changes in its executive leadership team. Mr. Richard (Rick) Stewart, who co-founded the company and currently serves as Executive Chairman, will take on the role of Chief Executive Officer once again. This change comes after John Bencich's successful four-year tenure as CEO, during which he effectively guided the company. Bencich will now transition to an advisory role to support this leadership change.
New Leadership Objectives
Mr. Stewart shared his enthusiasm about the company's strategic direction moving forward. The leadership transition aims to expedite Achieve's goals, particularly by bringing in leaders with extensive M&A and commercial experience. Tom King, who is presently the lead independent director on the Board of Directors, has been appointed as Executive Chairman. In his new position, King stressed the significance of having experienced leadership to steer the company through crucial milestones, including licensing and strategic transactions related to the commercialization of cytisinicline.
Reflections on Past Leadership
John Bencich reflected on his time with the company as he prepares to step down, noting the progress made during his seven years. He expressed appreciation for the opportunities he received and extended his best wishes to the new leadership team as they advance the cytisinicline program. Bencich's knowledge and experiences will certainly aid in ensuring a smooth transition as he takes on his advisory role.
Focus on Cytisinicline Development
With Rick Stewart at the helm, Achieve Life Sciences is set to maintain its commitment to developing cytisinicline, which addresses the significant public health issue of nicotine addiction. Cytisinicline is a plant-derived alkaloid that interacts with nicotine receptors in the brain, potentially assisting individuals in quitting smoking and e-cigarettes by alleviating withdrawal symptoms and reducing the pleasure associated with nicotine products. Achieve is on track to finalize enrollment for the ORCA-OL study and plans to engage with the FDA for an End-of-Phase 2 meeting regarding vaping cessation under Breakthrough Therapy designation.
Importance of Tobacco Cessation Efforts
In the United States, more than 29 million adults smoke combustible cigarettes, making tobacco use the leading cause of preventable death worldwide, resulting in over eight million deaths annually. Alarmingly, around 11 million adults have turned to e-cigarettes, a trend that has notably increased among youth, with approximately 2.1 million middle and high school students reported to be using e-cigarettes in recent years. The absence of FDA-approved treatments specifically designed to help individuals quit nicotine products highlights the urgent need for innovative solutions.
Cytisinicline's Role in Nicotine Dependence
As an investigational product candidate, cytisinicline has shown potential in early studies and aims to assist millions of individuals struggling with nicotine addiction. The company is committed to its mission of promoting individual health while also striving to enhance shareholder value.
Investor Relations and Media Contacts
For more information, Achieve Life Sciences welcomes inquiries related to investor relations. Rich Cockrell can be contacted via email at achv@cg.capital or by phone at (404) 736-3838. Media inquiries should be directed to Glenn Silver at Glenn.Silver@Finnpartners.com or by calling (646) 871-8485.
Frequently Asked Questions
What recent changes were announced at Achieve Life Sciences?
Achieve Life Sciences has announced that Rick Stewart will return as CEO, while Tom King has been appointed as the Executive Chairman of the Board.
Who was the previous CEO before Rick Stewart?
John Bencich held the position of CEO for the past four years and will now assume an advisory role.
What is cytisinicline?
Cytisinicline is a plant-based alkaloid being developed to assist in treating nicotine addiction for both smoking and e-cigarette cessation.
Why is there a focus on nicotine cessation?
Tobacco use is the leading cause of preventable deaths globally, underscoring the need for effective cessation products and strategies.
How can interested parties get in touch with Achieve Life Sciences?
For investor relations, contact Rich Cockrell at achv@cg.capital. Media inquiries should be directed to Glenn Silver at Glenn.Silver@Finnpartners.com.
