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Stock News in Focus: ESSA Pharma Inc. (NASDAQ:EPIX; TSXV: EPI)

ESSA Pharma Inc. (NASDAQ:EPIX) stock identified change of 68.09% away from 52-week low price and recently located move of -47.33% off 52-week high price. It has market worth of $273.79M. EPIX stock has been recorded 6.17% away from 50 day moving average and -15.35% away from 200 day moving average. Moving closer, we can see that shares have been trading 27.91% off 20-day moving average.

 On Aug. 27, 2019, ESSA Pharma Inc. (NASDAQ:EPIX; TSXV: EPI) a pharmaceutical company focused on developing novel therapies for the treatment of prostate cancer, is pleased to released that, further to its previously announced equity offering, it has closed a public offering of equity securities of the Company in Canada and a concurrent private placement of equity securities in the United States for aggregate gross proceeds of US$36 million (the Offering). The Offering was led by Soleus Capital and included RA Capital Management as a new investor. Existing investors, including BVF Partners LP, Omega Funds, and Eventide Funds, among others, also participated in the Offering.

The Company intends to use the net proceeds of the Offering primarily to complete the Phase 1 dose-escalation and extension studies, Phase 1 combination studies with recent anti-androgens and initiate Phase II studies.  In addition, the Company plans to conduct preclinical studies with EPI-7386 in additional prostate and breast cancer models as well as to continue the development of additional Aniten molecules. According to current plans, the net proceeds combined with the company’s current cash reserves are expected to provide sufficient cash resources through 2022.

The Offering was completed in each of the provinces of British Columbia, Alberta and Ontario by way of a prospectus supplement dated August 23, 2019 to ESSA’s base shelf prospectus dated July 12, 2018 and in the United States on a private placement basis pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933, as amended (the U.S. Securities Act). Pursuant to the Offering, ESSA issued a total of 6,080,596 common shares and 11,919,404 pre-funded warrants in lieu of common shares of the Company at a price of US$2.00 per security for aggregate gross proceeds of US$36,000,000. Each pre-funded warrant (together with the common shares, the Securities) entitles the holder thereof to acquire one common share at a nominal exercise price for a period of 60 months following the closing of the Offering.

 The Healthcare sector company, ESSA Pharma Inc. noticed change of 6.04% to $2.37 along volume of 159982 shares in recent session compared to an average volume of 20.86K. The stock observed return of 28.80% in 5 days trading activity. The stock was at -10.26% over one month performance. EPIX’s shares are at -1.66% for the quarter and driving a -22.30% return over the course of the past year and is now at 12.86% since this point in 2018. 

 The average volatility for the week at 15.82% and for month was at 15.67%. There are 115.52M shares outstanding and 9.74M shares are floated in market. . 

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