VANCOUVER and HOUSTON, July 8,
2019 /CNW/ - ESSA Pharma Inc. ("ESSA" or "the
Company") (NASDAQ: EPIX; TSX-V: EPI), a pharmaceutical company
focused on developing novel therapies for the treatment of prostate
cancer, announces that the hearing at the High Court of Justice in
England and Wales (the "Court") in respect of the
proposed scheme of arrangement under Part 26 of the U.K. Companies
Act 2006 (the "Scheme"), pursuant to which ESSA will acquire
all of the issued and outstanding shares of Realm Therapeutics plc
("Realm"), took place today in London.
The Court reserved judgment and, as such, the Court has not yet
rendered its decision upon the sanctioning of the Scheme.
As a consequence of the reserved judgment, there is likely to be
an update to the expected timetable of principal events for the
implementation of the Scheme from that set out in the announcement
made by the Company on June 26, 2019.
The Company will release an announcement as soon as reasonably
practicable following receipt of the Court's judgment and will
include an updated timetable of principal events as applicable.
Unless otherwise defined herein, capitalized terms and
expressions used in this announcement shall have the meanings given
to them in the scheme document published by Realm on May 29, 2019.
About ESSA Pharma Inc.
ESSA is a pharmaceutical company focused on developing novel and
proprietary therapies for the treatment of castration-resistant
prostate cancer ("CRPC") in patients whose disease is progressing
despite treatment with current therapies. ESSA's proprietary
"aniten" compounds bind to the N-terminal domain of the androgen
receptor ("AR"), inhibiting AR-driven transcription and the AR
signaling pathway in a unique manner which bypasses the drug
resistance mechanisms associated with current anti-androgens. The
Company is currently progressing IND-enabling studies and expects
to enter clinical studies with EPI-7386 in the first calendar
quarter of 2020. For more information, please visit
www.essapharma.com or follow us on Twitter under ESSA Pharma.
About Prostate Cancer
Prostate cancer is the second-most commonly diagnosed cancer
among men and the fifth most common cause of male cancer death
worldwide (Globocan, 2018). Adenocarcinoma of the prostate is
dependent on androgen for tumor progression and depleting or
blocking androgen action has been a mainstay of hormonal treatment
for over six decades. Although tumors are often initially sensitive
to medical or surgical therapies that decrease levels of
testosterone, disease progression despite castrate levels of
testosterone generally represents a transition to the lethal
variant of the disease, metastatic CPRC ("mCRPC"), and most
patients ultimately succumb to the illness. The treatment of mCRPC
patients has evolved rapidly over the past five years. Despite
these advances, additional treatment options are needed to improve
clinical outcomes in patients, particularly those who fail existing
treatments including abiraterone or enzalutamide, or those who have
contraindications to receive those drugs. Over time, patients with
mCRPC generally experience continued disease progression, worsening
pain, leading to substantial morbidity and limited survival rates.
In both in vitro and in vivo animal studies, ESSA's novel approach
to blocking the androgen pathway has been shown to be effective in
blocking tumor growth when current therapies are no longer
effective.
Forward-Looking Statement Disclaimer
This release contains certain information which, as presented,
constitutes "forward-looking information" within the meaning of the
Private Securities Litigation Reform Act of 1995 and/or applicable
Canadian securities laws. Forward-looking information involves
statements that relate to future events and often addresses
expected future business and financial performance, containing
words such as "look forward", "anticipate" and, "believe", and
statements that an action or event "is expected", "is predicted",
"should", "may" or "will" be taken or occur, or other similar
expressions and includes, but is not limited to, statements
regarding the timing and completion of the Scheme.
Forward-looking statements and information are subject to
various known and unknown risks and uncertainties, many of which
are beyond the ability of ESSA to control or predict, and which may
cause ESSA's actual results, performance or achievements to be
materially different from those expressed or implied thereby. Such
statements reflect ESSA's current views with respect to future
events, are subject to risks and uncertainties and are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by ESSA as of the date of such statements,
are inherently subject to significant medical, scientific,
business, economic, competitive, political and social uncertainties
and contingencies. In making forward-looking statements, ESSA may
make various material assumptions, including but not limited to (i)
the Court's sanction of the Scheme; (ii) the accuracy of ESSA's
financial projections; (iii) obtaining positive results of clinical
trials; (iv) obtaining necessary regulatory approvals; and (v)
general business, market and economic conditions.
Forward-looking information is developed based on assumptions
about such risks, uncertainties and other factors set out herein
and in ESSA's Annual Report on Form 20-F dated December 13, 2018 under the heading "Risk
Factors", a copy of which is available on ESSA's profile on the
SEDAR website at www.sedar.com or ESSA's profile on EDGAR at
www.sec.gov, and as otherwise disclosed from time to time on ESSA's
SEDAR and EDGAR profiles. Forward-looking statements are made based
on management's beliefs, estimates and opinions on the date that
statements are made and ESSA undertakes no obligation to update
forward-looking statements if these beliefs, estimates and opinions
or other circumstances should change, except as may be required by
applicable Canadian and United
States securities laws. Readers are cautioned against
attributing undue certainty to forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE ESSA Pharma Inc