HOUSTON and VANCOUVER, July 20,
2017 /CNW/ - ESSA Pharma Inc. (TSX:EPI; NASDAQ:EPIX) ("ESSA" or the "Company"), a clinical-stage pharmaceutical company
focused on the development of novel small molecule drugs for the treatment of prostate cancer, announced today that it has
received written notification (the "Notification Letter") from The NASDAQ Stock Market LLC ("Nasdaq") notifying the Company that
it is not in compliance with the minimum bid price requirement set forth in Nasdaq Rules for continued listing on The Nasdaq
Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price
requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of
the Company's common shares for the 30 consecutive business days from June 6, 2017, the Company no
longer meets the minimum bid price requirement.
The Notification Letter does not impact the Company's listing on The Nasdaq Capital Market at this time. In accordance with
Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until January 15, 2018, to regain
compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's common shares must have a closing bid price
of at least US $1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by
January 15, 2018, the Company may be eligible for additional time to regain compliance.
The Company intends to monitor the closing bid price of its common shares between now and January 15,
2018 and intends to cure the deficiency within the prescribed grace period. During this time, the Company's common shares
will continue to be listed and trade on the Nasdaq Capital Market.
The Company's business operations are not affected by the receipt of the Notification Letter.
The Company is also listed on the TSX and the Notification Letter does not affect the Company's compliance status with such
listing.
About ESSA Pharma Inc.
ESSA is a clinical-stage pharmaceutical company focused on developing novel and proprietary therapies for the
treatment of castrate resistant prostate cancer ("CRPC") in patients whose disease is progressing despite treatment with current
therapies. ESSA believes that its product candidate, EPI-506, can significantly expand the interval of time in which patients
suffering from CRPC can benefit from hormone-based therapies. Specifically, EPI-506 acts by disrupting the androgen receptor
("AR") signaling pathway that drives prostate cancer growth. EPI-002, the primary metabolite of EPI-506, prevents AR
transcriptional activity by binding selectively to the N-terminal domain ("NTD") of the AR. A functional NTD is essential for
transactivation of the AR. In preclinical studies, blocking the NTD has demonstrated the capability to overcome the known
AR-dependent mechanisms of CRPC. ESSA was founded in 2009.
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, 2012). 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 "determined", "expect", and "intend", 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
about the future compliance with Nasdaq's minimum bid price requirement including the intentions of the Company in response to
the receipt of the Notification Letter. 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) the Phase 1 portion of the Phase 1/2 clinical trial proceeding as expected; (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 14, 2016 under the heading "Risk
Factors", a copy of which is available on ESSA's profile at 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.
SOURCE ESSA Pharma Inc
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