If you have been looking for a big mover in the US premarket, then I have just what you are looking for…
Clinical stage pharmaceutical company Achieve Life Sciences (NASDAQ:ACHV) has blown every other stock out of the water today with an over 2,000% move higher after the US Patent and Trademark Office granted the company a patent on novel analogs of cytisinicline, a process for their preparation, and their use in the prevention or treatment of CNS and addictive disorders.
Achieve's shares have skyrocketed 2586.67%, trading at $16.12 per share after closing yesterdays trading session at just $0.60.
“While smoking cessation and nicotine addiction continue to be our primary focus, it is critically important that we continue to expand our intellectual property portfolio through patent extensions and future potential indications of cytisinicline,” stated Rick Stewart, Chairman and Chief Executive Officer of Achieve.
Achieve said the patented analogs will now provide the opportunity for the selective targeting of nAChRs in the brain to treat several conditions such as Alzheimers disease, depression, anxiety schizophrenia, epilepsy, Parkinson's disease and addiction.
The company also separately announced that it has executed a 1:20 reverse split of its common stock.