VANCOUVER and HOUSTON, TX, July 30,
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, is pleased to announce that, further to the announcement
made on July 8, 2019, the High Court
of Justice in England and
Wales has today sanctioned the
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").
It is intended that the order of the court sanctioning the
Scheme will be delivered to the Registrar of Companies in
England and Wales on July 31,
2019. Accordingly, ESSA expects that the Scheme will become
effective (and the acquisition will be complete) on July 31, 2019.
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 of
clinical trials and the expected timing of the Scheme becoming
effective and the completion of the acquisition of Realm.
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 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