HOUSTON, TX and VANCOUVER, June 21,
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
reminds investors that ESSA will hold its Annual General Meeting of
Shareholders on Tuesday, June 25,
2019 at 2:00 PT, at the
offices of Blake, Cassels & Graydon LLP at Suite 2600, 595
Burrard Street, Vancouver British
Columbia, Canada.
As announced May 16, 2019, ESSA
reached an agreement for ESSA to acquire Realm Therapeutics plc
("Realm"), with an expected completion by mid-year 2019, subject to
customary closing conditions including approval of Realm
shareholders (the "Acquisition"). Upon the close of the
Acquisition, it is expected that ESSA's Board of Directors will be
increased to nine members and that one current director of the
Company will resign. ESSA is pleased to announce the three
candidates nominated by the Realm Board of Directors. Those
candidates are Alex Martin,
Marella Thorell and Sanford Zweifach. Alex
Martin is currently the Chief Executive Officer of Realm and
is an experienced biotech executive, with considerable operational
and business development experience. Marella Thorell is currently the Chief Financial
Officer of Realm. Ms. Thorell has served in a variety of roles over
the last decade at Realm and brings to ESSA's board a broad
financial experience. Sanford
Zweifach is an experienced biotech executive with over 25
years in the life sciences industry. Mr. Zweifach brings a
wealth of experience in financing and managing small biopharma
companies.
The re-constitution of ESSA's Board of Directors as described
above is subject to, amongst other things, the completion of the
Acquisition and the approval of the ESSA Board.
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 expected
closing and timing of the Acquisition, the expected changes to the
Company's Board and anticipated IND filing for EPI-7386 in
the first quarter of 2020.
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 accuracy of ESSA's financial projections; (ii) obtaining
positive results of clinical trials; (iii) obtaining necessary
regulatory approvals; and (iv) 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 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.
For more information, please
visit www.essapharma.com or follow us on Twitter under
ESSA Pharma.
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SOURCE ESSA Pharma Inc