HOUSTON and VANCOUVER, June 26,
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
provides an update, further to the announcement made on
May 16, 2019 announcing the
acquisition of Realm Therapeutics plc ("Realm") by ESSA pursuant to
a scheme of arrangement under Part 26 of the U.K. Companies Act
2006 (the "Scheme"). The Court Meeting and General Meeting in
relation to the Scheme were each held by Realm on June 24, 2019 in London, United Kingdom and all resolutions
proposed by Realm at such meetings were approved. The Court Hearing
to sanction the Scheme has been postponed to July 8, 2019, later than expected, due to a Realm
shareholder opposing the Scheme. ESSA expects that the Scheme
will become effective (and the acquisition will complete) on
July 10, 2019, if the Court sanctions
the Scheme on July 8, 2019. ESSA will
provide an updated timetable of principal events in due course.
Unless otherwise defined herein, capitalized terms and
expressions used in this announcement shall have the meanings given
to them in the Scheme Document prepared by Realm dated May 29, 2019.
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
timing of the Court Hearing to approve the Scheme and expected
timing of the Scheme becoming effective and the acquisition
completing.
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.
For more information, please
visit www.essapharma.com or follow us on Twitter under
ESSA Pharma.
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.
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SOURCE ESSA Pharma Inc