SOUTH
SAN FRANCISCO, Calif. and VANCOUVER, Canada, Aug. 31,
2023 /CNW/ - ESSA Pharma Inc. (Nasdaq:
EPIX) ("ESSA" or the "Company"), a clinical-stage pharmaceutical
company focused on developing novel therapies for the treatment of
prostate cancer, today announced that each of its President and
Chief Executive Officer, David R Parkinson and its Executive Vice
President and Chief Operating Officer, Peter Virsik (collectively, the "Participants"),
have established Automatic Securities Disposition Plans ("ASDPs")
in accordance with applicable United
States and Canadian securities legislation, including U.S.
Securities and Exchange Commission ("SEC") Rule 10b5-1 and the
recommended practices set forth in the Canadian Securities
Administrators' Staff Notice 55-317 ("Staff Notice 55-317") and the
Company's internal policies.
While ESSA is listed on the Nasdaq, it is also considered a
reporting issuer under the Securities Act (British Columbia) and is therefore announcing
the establishment of the ASDPs in furtherance of the published
guidance provided by the Canadian Securities Administrators in
Staff Notice 55-317.
Under U.S. and Canadian securities laws and the Company's
trading policies, insiders of ESSA are subject to limits on their
ability to sell shares in the Company. The ASDPs address this issue
by permitting trades to be made in accordance with pre-arranged
instructions given when the Participants are not in possession of
any material undisclosed information.
Up to 808,333 common shares of ESSA may be sold under the
ASDPs implemented by the Participants in the aggregate. The ASDPs
are designed to allow for an orderly disposition of each of the
Participants' shares in ESSA at prevailing market prices over the
course of the approximately 24 months that the ASDPs are expected
to be in place. Sales of the common shares under the ASDPs will
commence on January 5, 2024, which is
expected to be after the Company has filed its Form 10-K with the
SEC for the fiscal year ending September 30,
2023 in accordance with the recommended practices set forth
in Staff Notice 55-317. At the time of the establishment of
the ASDPs, the Participants were not aware of or in possession of
any material non-public information about the Company or any
securities of the Company.
Each Participant has provided for clear trading parameters and
other instructions in writing to the independent dealers
administering the ASDPs, specifying the number of securities to be
sold and setting out minimum trade prices, which in all cases
materially exceed the current trading price of the Company's common
shares, and the dates or frequencies of sales. The ASDPs prohibit
the dealer administering the ASDPs from consulting with the
Participants regarding any sales under the ASDPs and prohibit the
Participants from disclosing to the dealer any information
concerning the Company that might influence the execution of the
ASDPs.
The ASDPs contain meaningful restrictions on the ability of the
Participants to amend, suspend or terminate the ASDPs that have the
effect of ensuring that the Participants cannot benefit from
material non-public information.
About ESSA Pharma Inc.
ESSA is a clinical-stage
pharmaceutical company focused on developing novel and proprietary
therapies for the treatment of patients with prostate cancer. For
more information, please visit www.essapharma.com and follow
us on Twitter under @ESSAPharma.
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, statements
regarding the anticipated commencement of the ASDPs.
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 10-K dated December 13, 2022 under the heading "Risk
Factors", a copy of which is available on ESSA's profile on EDGAR
at www.sec.gov and on SEDAR+ at www.sedarplus.ca, and as
otherwise disclosed from time to time on ESSA's EDGAR and SEDAR+
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 United States and
Canadian securities laws. Readers are cautioned against attributing
undue certainty to forward-looking statements.
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SOURCE ESSA Pharma Inc