ESSA Pharma Inc. is pleased to announce the results of the votes on matters considered at its Annual General and Special Meeting of Shareholders held on March 28, 2018 in Vancouver, British Columbia, Canada.
HOUSTON and VANCOUVER, March 28, 2018 /PRNewswire/ - ESSA Pharma Inc. ("ESSA" or the "Company") (TSX-V: EPI, NASDAQ: EPIX), a pre-clinical stage pharmaceutical company focused on developing novel therapies for the treatment of prostate cancer, is pleased to announce the results of the votes on matters considered at its Annual General and Special Meeting of Shareholders held on March 28, 2018 in Vancouver, British Columbia, Canada (the "Meeting").
At the Meeting, the shareholders of the Company (the "Shareholders") set the number of directors at eight and re-elected board members David R. Parkinson, Richard M. Glickman, Marianne Sadar, Raymond Andersen, Gary Sollis, Franklin M. Berger, Scott Requadt and Hugo Beekman to serve in office until the next annual meeting or until their successors are duly elected or appointed. Detailed results of the voting in respect of the election of directors are as follows:
Nominee Votes For % Votes For Votes Withheld % Votes Withheld
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David R.
Parkinson 68,461,278 99.74% 179,319 0.26%
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Richard M.
Glickman 68,410,188 99.66% 230,409 0.34%
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Marianne
Sadar 68,463,378 99.74% 177,219 0.26%
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Raymond
Andersen 68,461,278 99.74% 179,319 0.26%
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Gary Sollis 68,583,278 99.92% 57,319 0.08%
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Franklin M.
Berger 68,513,278 99.81% 127,319 0.19%
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Scott
Requadt 68,501,278 99.80% 139,319 0.20%
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Hugo Beekman 68,501,278 99.80% 139,319 0.20%
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At the Meeting, the Shareholders also re-appointed Davidson & Company LLP, Chartered Professional Accountants, as auditors of the Company by show of hands.
Further, the Shareholders, by ordinary resolution passed by ballot vote, ratified, confirmed and approved the Company's stock option plan, which was previously approved by the board of directors of the Company (the "Board") on February 21, 2018. Detailed results of the voting in respect of the stock option plan are as follows:
Votes by Ballot Votes For % Votes For Votes Against % Votes Against
--------------- --------- ----------- ------------- ---------------
By all shareholders 61,180,225 89.13% 7,460,372 10.87%
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The Shareholders, by ordinary resolution passed by ballot vote, also ratified, confirmed and approved the re-grant, repricing and extension of the expiry dates of certain of the outstanding stock options of the Company granted to certain directors, officers, employees and consultants, as further described in the management information circular dated February 23, 2018 in connection with the Meeting (the "Circular"). Detailed results of the voting in respect of the re-grant, repricing and extension of expiry dates of stock options are as follows:
Votes by Ballot Votes For % Votes For Votes Against % Votes Against
--------------- --------- ----------- ------------- ---------------
By all shareholders 61,150,175 89.09% 7,490,422 10.91%
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By disinterested
shareholders 17,151,379 69.60% 7,490,422 30.40%
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At the Meeting, the Shareholders, by ordinary resolution passed by ballot vote, also ratified, confirmed and approved the grant of an aggregate of 14,523,000 stock options to certain directors, officers, employees and consultants, as further described in the Circular. Detailed results of the voting in respect of the stock option grants are as follows:
Votes by Ballot Votes For % Votes For Votes Against % Votes Against
--------------- --------- ----------- ------------- ---------------
By all shareholders 61,149,600 89.09% 7,490,997 10.91%
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By disinterested
shareholders 17,150,804 69.60% 7,490,997 30.40%
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Further, the Shareholders, by special resolution passed by ballot vote, approved the consolidation of the Company's common shares on a basis of up to 20 pre-consolidation common shares being consolidated into one post-consolidation common share, or such lesser number of pre-consolidation common shares as may be accepted by the TSX Venture Exchange ("TSX-V") and approved by the Board. Pursuant to the resolution passed by the Shareholders, the Board is authorized, at any time in its absolute discretion, to determine whether or not to proceed with the consolidation without further approval, ratification or confirmation of the Shareholders. Further details regarding the consolidation are set out in the Circular. Detailed results of the voting in respect of the common share consolidation are as follows:
Votes by Ballot Votes For % Votes For Votes Against % Votes Against
--------------- --------- ----------- ------------- ---------------
By all shareholders 68,577,197 99.91% 63,400 0.09%
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At the Meeting, the Shareholders, by ordinary resolution passed by ballot vote, also ratified, confirmed and approved the Company's restricted share unit plan, which was previously approved by Board on February 21, 2018. Detailed results of the voting in respect of the restricted share unit plan are as follows:
Votes by Ballot Votes For % Votes For Votes Against % Votes Against
--------------- --------- ----------- ------------- ---------------
By all shareholders 61,179,700 89.13% 7,460,897 10.87%
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By disinterested
shareholders 17,180,904 69.72% 7,460,897 30.28%
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About ESSA Pharma Inc.
ESSA is a pre-clinical stage pharmaceutical company focused on developing novel and proprietary therapies for the treatment of castration-resistant prostate cancer ("CRPC") in patients whose disease is progressing despite treatment with current therapies. ESSA believes that its proprietary compounds can significantly expand the interval of time in which patients suffering from CRPC can benefit from hormone-based therapies, by disrupting the androgen receptor ("AR") signaling pathway that drives prostate cancer growth and by preventing AR transcriptional activity by binding selectively to the N-terminal domain ("NTD") of the AR. A functional NTD is essential for transactivation of the AR. In preclinical studies, blocking the NTD has demonstrated the capability to overcome the known AR-dependent mechanisms of CRPC. ESSA was founded in 2009.
About Prostate Cancer
Prostate cancer is the second-most commonly diagnosed cancer among men and the fifth most common cause of male cancer death worldwide (Globocan, 2012). Adenocarcinoma of the prostate is dependent on androgen for tumor progression and depleting or blocking androgen action has been a mainstay of hormonal treatment for over six decades. Although tumors are often initially sensitive to medical or surgical therapies that decrease levels of testosterone, disease progression despite castrate levels of testosterone generally represents a transition to the lethal variant of the disease, metastatic CPRC ("mCRPC"), and most patients ultimately succumb to the illness. The treatment of mCRPC patients has evolved rapidly over the past five years. Despite these advances, additional treatment options are needed to improve clinical outcomes in patients, particularly those who fail existing treatments including abiraterone or enzalutamide, or those who have contraindications to receive those drugs. Over time, patients with mCRPC generally experience continued disease progression, worsening pain, leading to substantial morbidity and limited survival rates. In both in vitro and in vivo animal studies, ESSA's novel approach to blocking the androgen pathway has been shown to be effective in blocking tumor growth when current therapies are no longer effective.
