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.
SOURCE ESSA Pharma Inc
