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    pharmaceutical investing

    ESSA Pharma Announces $36 Million Public Offering

    Jocelyn Aspa
    Aug. 23, 2019 08:44AM PST
    Pharmaceutical Investing

    ESSA Pharma (NASDAQ:EPIX, TSXV:EPI) has announced a public offering of equity securities in Canada and a concurrent private placement of equity securities in the US. As quoted in the press release: The Offering is being led by Soleus Capital and includes RA Capital Management as a new investor. Existing investors, including BVF Partners LP, among others, are …

    ESSA Pharma (NASDAQ:EPIX, TSXV:EPI) has announced a public offering of equity securities in Canada and a concurrent private placement of equity securities in the US.

    As quoted in the press release:

    The Offering is being led by Soleus Capital and includes RA Capital Management as a new investor. Existing investors, including BVF Partners LP, among others, are also co-investing in the Offering.

    The Offering will be conducted 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 intends to issue up to 18,000,000 common shares (or pre-funded warrants in lieu of common shares) of the Company at a price of US$2.00 per common share for aggregate gross proceeds of up to US$36,000,000. Each pre-funded warrant (together with the common shares, the “Securities“) entitles the holder thereof to acquire one common share (a “Warrant Share“) at a nominal exercise price for a period of 60 months following the closing of the Offering.

    The Offering will be undertaken on a best efforts basis pursuant to the terms and conditions of an agency agreement (the “Agency Agreement“) dated August 23, 2019 between the Company and Bloom Burton Securities, Inc. (“Bloom Burton“) as the Company’s sole agent for the Offering in Canada. Oppenheimer & Co. Inc., (“Oppenheimer“, together with Bloom Burton, the “Agents“) will act as the exclusive U.S. placement agent. The price of the Securities was determined by negotiation between the Company and the Agents in the context of the market.

    Click here to read the full press release.

    pharmaceutical investingessa pharmabritish columbiapublic offeringcanadanasdaq:epixtsxv:epiunited states
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