Achieve Life Sciences Executive Leadership Transition Update
Achieve Life Sciences Announces Changes in Executive Leadership
Achieve Life Sciences, Inc. (Nasdaq: ACHV), a leading pharmaceutical company focused on the global development of cytisinicline for smoking cessation and nicotine dependence, has announced significant changes in its executive leadership. Mr. Richard (Rick) Stewart, co-founder and current Executive Chairman, will reassume the position of Chief Executive Officer. This transition follows the tenure of John Bencich, who has effectively led the company as CEO for the past four years and will now serve as an advisor to facilitate this transition.
New Leadership Objectives
Mr. Stewart expressed optimism about the company's strategic path forward. The transition in leadership aims to accelerate Achieve's objectives, focusing particularly on leadership with substantial M&A and commercial experience. Tom King, who is currently serving as the lead independent director of the Board of Directors, has been appointed as Executive Chairman. In his role, King emphasized the importance of experienced leadership to navigate the company through critical milestones, including licensing and strategic transactions related to cytisinicline's commercialization.
Reflections on Past Leadership
John Bencich commented on his departure by reflecting on the progress made during his seven years with the company. He expressed gratitude for the opportunities he had and extended best wishes to the new leadership team as they drive the cytisinicline program forward. Bencich's insights and experiences will undoubtedly contribute to a smooth transition as he takes on an advisory role.
Focus on Cytisinicline Development
Under Rick Stewart's leadership, Achieve Life Sciences is poised to continue its focus on the development of cytisinicline, which is aimed at addressing the substantial public health challenge of nicotine addiction. Cytisinicline is a plant-based alkaloid that interacts with nicotine receptors in the brain, potentially aiding individuals in smoking and e-cigarette cessation by lessening withdrawal symptoms and diminishing the satisfaction derived from nicotine products. Achieve is currently on track to complete the enrollment for the ORCA-OL study and plans to meet 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, over 29 million adults smoke combustible cigarettes, making tobacco use the leading cause of preventable death globally, with more than eight million deaths each year. More alarming is that approximately 11 million adults have taken to e-cigarettes, a trend that has surged among youth with roughly 2.1 million middle and high school students reportedly using e-cigarettes in recent years. The lack of FDA-approved treatments specifically aimed at helping individuals quit nicotine products further underscores the urgent need for innovative solutions.
Cytisinicline's Role in Nicotine Dependence
As an investigational product candidate, cytisinicline has shown promise in preliminary studies and aims to help millions of people battling nicotine addiction. The company is dedicated to its mission of not only promoting individual health but also aiming to optimize shareholder value.
Investor Relations and Media Contacts
For further information, Achieve Life Sciences encourages inquiries related to investor relations. Rich Cockrell can be reached via email at achv@cg.capital or by phone at (404) 736-3838. Additionally, media inquiries can 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 reassume the role of CEO, while Tom King has been appointed as Executive Chairman of the Board.
Who was the previous CEO before Rick Stewart?
John Bencich served as the CEO for the previous four years and will now take on an advisory role.
What is cytisinicline?
Cytisinicline is a plant-based alkaloid being developed to aid 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, highlighting 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.
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