SEATTLE and VANCOUVER, British Columbia - Achieve Life Sciences, Inc. (NASDAQ: NASDAQ:ACHV), a pharmaceutical company focused on the development of treatments for smoking cessation and nicotine dependence, revealed today that their Phase 2 ORCA-V1 vaping cessation trial data was presented at the Society of General Internal Medicine Annual Meeting in Boston, MA.
The study assessed the effectiveness and safety of cytisinicline in adult smokers who were trying to quit using nicotine e-cigarettes. According to the results, the treatment significantly increased the chances of quitting compared to a placebo. Dr. Nancy Rigotti, the Principal Investigator of the ORCA-V1 trial, presented the findings.
The trial involved 160 adult e-cigarette users across 5 clinical sites in the United States, who received either cytisinicline or a placebo three times daily for 12 weeks, along with standard behavioral support for cessation. This treatment regimen was consistent with that used in Phase 3 trials for smoking cessation.
Cytisinicline, a plant-based alkaloid, is designed to interact with nicotine receptors in the brain, potentially reducing withdrawal symptoms and the rewarding effects of nicotine products. It is currently being developed as an investigational product and has not yet been approved by the Food and Drug Administration.
The research received support from the National Institute on Drug Abuse of the National Institutes of Health through a grant totaling approximately $2.8 million. Achieve Life Sciences aims to address the global issue of nicotine addiction, with an estimated 28 million adults in the United States alone who smoke combustible cigarettes and over 11 million who use e-cigarettes.
InvestingPro Insights
Amidst the positive clinical trial updates from Achieve Life Sciences, Inc. (NASDAQ: ACHV), investors may be looking for financial metrics to gauge the company's market position and future prospects. An InvestingPro analysis shows that Achieve Life Sciences holds a market capitalization of approximately $173.66 million. Despite the company's forward momentum in clinical trials, it is important to note that Achieve is not expected to be profitable this year, as analysts anticipate continued losses.
Investors should be aware that Achieve's P/E ratio is currently negative at -4.04, reflecting the company's lack of profitability over the last twelve months. Moreover, the adjusted P/E ratio for the last twelve months as of Q1 2024 stands at -6.47. However, on a more positive note, the company has experienced a robust short-term return, with a one-week price total return of 9.98% and a significant three-month price total return of 17.36%.
Two key InvestingPro Tips for ACHV include the fact that the company holds more cash than debt on its balance sheet and that its liquid assets exceed short-term obligations. These financial strengths could provide some stability as the company continues its clinical development. Additionally, for investors seeking more in-depth analysis, there are 7 additional InvestingPro Tips available, which can be accessed through the following link: https://www.investing.com/pro/ACHV. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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