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Thursday, February 2, 2023

Why Did ESSA Pharma (EPIX) Stock Go 6% Higher In After-Hour Session On Friday?

ESSA Pharma Inc. (NASDAQ: EPIX), which is scheduled to attend a significant investors conference this week, was climbing the charts on Friday, up 6.25% to trade at $3.40 at last check in after-hours trading.

Where will EPIX be taking part?

On Tuesday, November 29, 2022, at 4:30 p.m. ET, ESSA Pharma (EPIX) will take part in a fireside discussion at Piper Sandler’s 34th Annual Healthcare Conference. ESSA Pharma’s president and chief executive officer, David R. Parkinson, will host and take part in one-on-one sessions. Additionally taking part in one-on-one sessions will be ESSA’s chief operating officer Peter Virsik and chief financial officer David S. Wood. On November 17, 2022, EPIX took part in a fireside conversation at the Jefferies London Healthcare Conference.

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EPIX suspended a clinical trial:

Clinical study enrollment in EPI-7386 with apalutamide or EPI-7386 with abiraterone acetate plus prednisone in patients with metastatic castration-resistant prostate cancer (“mCRPC”) has been suspended, according to a recent announcement from ESSA Pharma. This is due to operational recruitment issues.

Prior to halting enrolment, Janssen administered EPI-7386, apalutamide, or abiraterone acetate with prednisone for up to four months of treatment to three mCRPC patients (pre-chemotherapy). The combination of both experimental medication products was well tolerated and safe in all three patients, yielding enough exposure to each investigational drug product that are a sign of pharmacological activity. Some patients had their first signs of clinical action, and two of the three patients saw their PSA levels drop by 90% (“PSA90”) within 12 weeks.

How did EPIX go through that suspension?

Although ESSA Pharma (EPIX) was disappointed by Janssen’s failure to complete the study, the positive safety, pharmacokinetic, and early clinical activity observed in these patients encouraged EPIX because these results add to the body of evidence for the EPI-7386 and enzalutamide combination study that ESSA is currently conducting. In order to deliver abiraterone acetate and apalutamide for ESSA-sponsored combo research, EPIX was in talks with Janssen. EPIX anticipated providing further information in the upcoming months.

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