02:16 PM EDT, 07/29/2024 (MT Newswires) -- Achieve Life Sciences ( ACHV ) shares fell 2.1% in recent Monday trading after the company secured a $20 million loan refinancing from Silicon Valley Bank that extends the existing debt's maturity by more than three years.

The company said the loan facility is structured into three tranches with $10 million on closing of deal, $5 million on the US Food and Drug Administration's acceptance of its new drug application for cytisinicline as nicotine addiction treatment and $5 million available at the bank's discretion.

The new facility extends the debt maturity to Dec. 1, 2027, from Aug. 1. The initial outstanding debt may be converted into shares of common stock at the bank's election, Achieve Life Sciences ( ACHV ) said.

Silicon Valley Bank is a division of First Citizens Bank.

Price: 4.82, Change: -0.11, Percent Change: -2.13