ESSA Pharma, Inc. is a clinical stage pharmaceutical company. It engages in the business of developing small molecule drugs for the treatment of prostate cancer. The company was founded by Marianne D. Sadar and Raymond J. Andersen on January 6, 2009 and is headquartered in Vancouver, Canada.
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- ESSA Pharma has amended its Business Combination Agreement with XenoTherapeutics, reducing the expected cash payout to shareholders from approximately $1.91 to $0.12 per share at closing. - Shareholders will receive additional contingent value rights worth up to $0.14 per share, representing up to $6.7 million in aggregate payments depending on certain contingent liabilities. - The company has adjourned its special shareholder meeting to October 3, 2025, to allow shareholders time to consider and approve the revised transaction terms. - XOMA Royalty Corporation continues to serve as structuring agent and intends to provide financing for the transaction between the pharmaceutical company and the non-profit biotechnology organization.
- Xoma Royalty Corp. agreed to acquire Mural Oncology for $2.035-2.240 per share, valuing the deal at $35.2-38.8 million depending on closing cash balance. - The acquisition follows Mural's discontinuation of lead IL-2 therapy nemvaleukin alfa after failed Artistry-6 and 7 trials, leading to 90% workforce reduction in April. - Xoma will wind down Mural's operations as part of a growing trend where investment firms acquire struggling biotechs trading below cash value for liquidation. - The deal represents Xoma's fourth oncology acquisition this year, following purchases of Turnstone Biologics, Lava Therapeutics, and HilleVax.
- ESSA Pharma Inc. has entered into a definitive agreement to be acquired by XenoTherapeutics Inc. for approximately $1.91 per share in cash as the company discontinues operations and winds down its prostate cancer drug development business. - The transaction is structured with XOMA Royalty Corporation providing financing and includes contingent value rights worth up to $0.06 per share, with shareholders also receiving an initial cash distribution prior to closing. - ESSA's board unanimously approved the deal following a comprehensive review, determining it maximizes shareholder value compared to liquidation while delivering more certain returns in an expedited timeframe. - The acquisition requires approval from 66⅔% of ESSA shareholders and securityholders, with closing expected in the second half of 2025 pending court approval and other customary conditions.
- Elevation Oncology has agreed to be acquired by Concentra Biosciences, controlled by hedge fund Tang Capital Partners, for $0.36 per share in cash with additional contingent value rights. - The acquisition represents the latest example of investment firms targeting struggling biotech "zombies" worth less than their cash reserves for liquidation rather than strategic repositioning. - Elevation's lead cancer drug disappointed in clinical testing, forcing the company to shelve its program, lay off most staff, and trade below $1 per share for nearly a year. - The deal follows Tang Capital's previous acquisitions of struggling biotechs including Allakos, Jounce Therapeutics, and Kronos Bio through its liquidation-focused investment strategy.
- ESSA Pharma has halted the clinical development of masofaniten after an interim analysis showed it was unlikely to meet the primary endpoint in combination with enzalutamide. - The decision led to the termination of all masofaniten clinical trials and withdrawal of related Investigational New Drug (IND) applications and Clinical Trial Applications (CTAs). - ESSA Pharma has initiated a strategic review to maximize shareholder value, which may include a merger, asset sale, or seeking new products for development. - The company's decision was influenced by a higher-than-expected PSA90 response rate in the enzalutamide monotherapy arm, with no clear efficacy benefit from the combination.
- The FDA has accepted Bayer's sNDA for Nubeqa (darolutamide) in combination with androgen deprivation therapy (ADT) for mHSPC. - The sNDA is based on positive Phase III ARANOTE trial results, demonstrating improved radiological progression-free survival (rPFS). - If approved, Nubeqa would offer an additional treatment option for mHSPC patients, both with and without chemotherapy. - GlobalData estimates Nubeqa sales could reach $3.6 billion by 2029, highlighting its potential impact on prostate cancer treatment.
- ESSA Pharma discontinues development of masofaniten after a Phase II trial showed no significant benefit over enzalutamide alone in mCRPC patients. - Oppenheimer and Piper Sandler downgraded ESSA's stock, citing uncertainties in the company's future without its lead drug candidate. - The Phase II trial assessed masofaniten in combination with enzalutamide versus enzalutamide alone in patients with metastatic castration-resistant prostate cancer. - ESSA Pharma is now evaluating strategic alternatives, including in-licensing, partnerships, or a merger, to refocus its pipeline and investor expectations.
- ESSA Pharma halted its Phase II trial of masofaniten plus enzalutamide for metastatic castration-resistant prostate cancer (mCRPC) due to interim analysis results. - The review indicated a higher-than-expected PSA90 response in patients treated with enzalutamide alone, diminishing the potential benefit of the combination. - Futility analysis suggested a low probability of achieving the primary endpoint, leading to the decision to terminate the study. - Masofaniten, an investigational oral androgen receptor inhibitor, was well-tolerated in combination with enzalutamide, showing a safety profile consistent with Phase I studies.
- ESSA Pharma halted a phase 2 trial of masofaniten plus enzalutamide for metastatic castration-resistant prostate cancer (mCRPC) due to low likelihood of meeting the primary endpoint. - Interim data revealed a prostate-specific antigen (PSA) response rate of at least 90% (PSA90) of 64% in the combination arm versus 73% in the enzalutamide monotherapy arm. - The decision was based on an interim review of safety, efficacy, and pharmacokinetic data, with no new safety signals observed in the combination arm. - The study aimed to enroll 120 patients to assess the clinical benefit of adding masofaniten to enzalutamide in mCRPC patients naive to second-generation antiandrogens.
- ESSA Pharma halted its Phase II trial of masofaniten plus enzalutamide for metastatic castration-resistant prostate cancer (mCRPC) due to interim analysis results. - The review indicated a higher-than-expected PSA90 response in patients treated with enzalutamide alone, diminishing the potential benefit of the combination. - The futility analysis suggested a low probability of achieving the primary endpoint, leading to the decision to terminate the trial. - Masofaniten combined with enzalutamide was well-tolerated, but the company concluded it would not meet internal efficacy requirements for a prostate cancer therapy.
