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First quarter Financial result Update : ESSA Pharma Inc. (NASDAQ: EPIX)

ESSA Pharma Inc.  (NASDAQ: EPIX), a part of Healthcare sector and belongs to Drug Manufacturers – Other industry; ended its day with loss -0.59% and finalized at the price of $0.22. During its last trading session, Stock traded with the total exchanged volume of 0.01 million shares. The average volume stands around 0.11 million shares. The average numbers of shares are traded in a security per day, during the recent 3-month period. The stock has relative volume of 0.71. Relative volume is ratio between current volume and 3-month average value, intraday adjusted.

ESSA Pharma Inc.  (NASDAQ: EPIX) declared financial results for the first quarter and year ended September 30, 2017 and progress on its preclinical development program.

2017 Year Financial Highlights

Amounts revealed herein, unless specified otherwise, are expressed in United States dollars and in accordance with International Financial Reporting Standards (“IFRS”). References to “$” are to United States dollars and references to “C$” are to Canadian dollars.

Term loan from Silicon Valley Bank. On November 18, 2016, the Company entered into a $10.0 million term loan contract with Silicon Valley Bank (“SVB Term Loan”), pursuant to which the Company has drawn down $8.0 million.

Receipt of grant from the Cancer Prevention and Research Institute of Texas (“CPRIT”). In The month of January and March 2017, ESSA received a total of $5.2 million from CPRIT. Under ESSA’s contract with CPRIT, a total of $12.0 million of grant funding (repayable out of potential product revenues) will be made accessible to the Company, of which $6.6 million had before been received.

Summary Financial Results

Net Income (Loss). ESSA recorded a net loss of $4.5 million ($0.15 loss per ordinary share) for the year ended September 30, 2017, compared to a net loss of $13.1 million ($0.49 loss per ordinary share) for the year ended September 30, 2016. The net loss for the first quarter of 2017 was $1.9 million compared to a net loss of $4.2 million for the first quarter of 2016.

Research and Development (“R&D”) expenditures. R&D expenditures for the year ended September 30, 2017 were $5.73 million net of grants ($10.92 million gross) compared to $13.6 million (net and gross), for the year ended September 30, 2016. For the first quarter ended September 30, 2017, R&D expenditures were $1.2 million compared to $3.9 million for the first quarter ended September 30, 2016. Decreases in R&D expenditures for the full year and first quarter were primarily related to decreases in manufacturing and clinical trial costs as the Company approached the completion of the Phase I clinical study of EPI-506, compared to the full year and first quarter ended September 30, 2016, as the Company ramped up its clinical development of EPI-506, which commenced in November 2015.

General and administration (“G&A”) expenditures. G&A expenditures for the year ended September 30, 2017 were $5.1 million compared to $5.6 million for the year ended September 30, 2016. For the first quarter ended September 30, 2017, G&A expenditures were $1.1 million compared to $1.2 million for the first quarter ended September 30, 2016. The decreases in the full year and first quarter primarily reflects the reduction in administrative costs, as well as reduced share-based payments reflecting vesting of stock options granted in previous years.

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Jason Felix is writes articles on the Healthcare sector. He is professional Senior Health Writer with over 15 years of experience in health writing background. He wrote on many different health topics. However, he was also a student dedicated to his studies. Jason holds a Master’s degree in economics from Northwestern University.

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