ESSA Pharma Reports Second Quarter 2015 Financial Results

Essa Pharma Inc. (TSXV:EPI) announced its financial result for the 2015 second quarter and for the three and six months ended March 31.

As quoted in the press release:

ESSA recorded a net loss of $5.9 million ($0.35 per common share) for the six months ended March 31, 2015 (Q2-2015), compared to a net loss of $0.4 million ($0.03 per common share) for the six months ended March 31, 2014(Q2-2014).

Research and Development (“R&D”) expenditures for Q2-2015 were $3.8 million compared to $0.2 million for Q2-2014.  The increase was primarily due to increased R&D activity related to preclinical work on the clinical candidate EPI-506, leading up to the filing of the Investigational New Drug application on March 31, 2015.

General and administration expenditures for Q2-2015 were $1.2 million compared to $0.2 million for Q2-2014. The increase was primarily due to increased activity as a corporate entity as the Company successfully completed a listing on the TSX Venture Exchange in January 2015. The Company has applied for a listing on the NASDAQ Capital Market and has filed a registration statement on Form 20-F with the United States Securities and Exchange Commission.

At March 31, 2015, ESSA had cash and cash equivalents of $13.2 million which included net proceeds of $14.2 million from the issuance of special warrants in January 2015.

As of March 31, 2015, the company had 18,144,322 common shares issued and outstanding, 4,363,634 special warrants (“2015 Special Warrants”), 1,634,750 common shares issuable upon the exercise of outstanding stock options at a weighted-average exercise price of $1.12 per share, and 312,604 common shares issuable upon the exercise of outstanding warrants at a weighted-average exercise price of $3.22 per share.

Click here to read the full Essa Pharma Inc. (TSXV:EPI) press release.