HOUSTON and VANCOUVER, BC, Oct. 26,
2020 /CNW/ - ESSA Pharma Inc. ("ESSA" or the
"Company") (TSX-V: EPI) (NASDAQ: EPIX), a clinical stage
pharmaceutical company focused on developing novel therapies for
the treatment of prostate cancer, announced today its intention to
voluntarily delist all of its issued and outstanding common shares
(the "Shares"), currently listed under symbol "EPI", from
the TSX Venture Exchange (the "TSX-V"), which is
currently anticipated to occur on or about October 30, 2020.
Following a thorough evaluation, which included an assessment
that the majority of the company's trading volume is being
transacted on the Nasdaq Stock Market (the "NASDAQ"), and
considering such factors as liquidity, cost, regulatory compliance
and future capital raising opportunities, the board of directors of
the Company has determined to delist the Shares from the TSX-V and
to continue to develop the Company's presence on the NASDAQ.
The delisting of the Shares from the TSX-V will not affect the
listing of the Shares on the NASDAQ.
About ESSA Pharma Inc.
ESSA is a clinical stage 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
conducting a phase 1 study of EPI-7386 in patients with metastatic
castration-resistant prostate cancer ("mCRPC") who are
failing current standard-of-care therapies. For more information,
please visit www.essapharma.com and follow us on Twitter under
@ESSAPharma.
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, 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 "anticipate", "believe", "plan", "estimate",
"expect", and "intend", "potential", "promising", "refocus",
statements that an action or event "may", "might", "could",
"should", or "will" be taken or occur, or other similar expressions
and includes, but is not limited to, statements with respect to
expected delisting of the Shares from the TSX-V, the continued
listing of the Shares on the NASDAQ and other information that is
not historical information.
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 expected delisting date of the Shares from the TSX-V ; and (ii)
the effects that the delisting of Shares from the TSX-V will have
on the Shares on the NASDAQ.
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 19, 2019 under the heading "Risk
Factors", a copy of which is available on ESSA's profile on the
SEDAR website at www.sedar.com, ESSA's profile on EDGAR at
www.sec.gov, and as otherwise disclosed from time to time on ESSA's
SEDAR profile. 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 TSX-V nor its Regulation Services Provider (as that term
is defined in policies of the TSX-V) accepts responsibility for the
adequacy or accuracy of this release.
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SOURCE ESSA Pharma Inc
