Achieve Life Sciences Inc (NASDAQ: ACHV) is having an overwhelmingly strong day in the market today, and for good reason. The company announced an amendment to an agreement previously held with the University of Bristol, United Kingdom, granting further rights. Of course, this led to excitement among investors, sending the stock rocketing for the top. Today, we’ll talk about the amendment to the agreement, what we’re seeing from the stock, and what we’ll be watching for with regard to ACHV ahead.
ACHV Gains On Amended Agreement
As mentioned above, Achieve Life Sciences is having an overwhelmingly strong day in the market today after announcing news associated with an amended agreement. In a press release early this morning, the company announced that it has amended its Technology License Agreement with the University of Bristol, United Kingdom. According to the amendment ACHV has been granted exclusive rights for all human medical uses of cytisine derivatives created under the License Agreement across all therapeutic categories.
Moving forward, studies will be conducted with a goal of generating and evaluating semi-synthetic cytisine derivatives for potential use in multiple indications across addiction and neurological disorders. The original agreement was signed back in June of 2017 to license certain patent and technology rights to explore next-generation cytisine-based therapies specifically related to smoking cessation. In a statement, Rick Stewart, Chairman and CEO at ACHV, had the following to offer:
Our immediate focus is to execute the cytisine smoking cessation development plan in U.S. but we must also be forward-thinking about our product lifecycle and pipeline… Partnerships with key academic institutions, such as the University of Bristol, allow us to explore additional ways in which we can improve cytisine and evaluate its role in the treatment of other addictions and neurodegenerative diseases.
The above statement was followed up by Tim Gallagher, PhD, Dean of the Facility of Science and Professor of Organic Chemistry at the University of Bristol. Here’s what he had to offer about the news released by Achieve Life Sciences:
Through our research, we will create novel cytisine derivatives and identify additional therapeutic applications for cytisine, which have been shown to target key cellular receptors implicated in a number of serious disorders. Our research is well under way and we expect to publish initial data in the near future.
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