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HOUSTON and VANCOUVER, July 24,
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, today provided a further update on
its intention to pursue an equity offering. As outlined in its announcement on July 18, 2017, the
Company had received sufficient investor interest to advance the proposed transaction but was denied conditional approval by
financial regulators due to levels of insider and institutional participation. While alternative transaction structures have been
identified that may be pursued, additional data is currently being received from the higher dose cohorts in the Phase 1 clinical
trial of EPI-506. As a result, the Company intends to delay an offering until after that data can be announced from the ongoing
highest dose cohorts. The Company will provide further updates as they become available.
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 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, metastatic CRPC ("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", 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, the anticipated timing of the Company's proposed equity offering, statements about the Company's Phase 1 clinical
trial of EPI-506, including patient cohorts, data and results thereof; and the implementation of the Company's business model and
strategic plans including the advancement of the Company's development portfolio.
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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