A securities class action has been filed against ESSA Pharma Inc. (EPIX) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired ESSA securities between December 12, 2023 through October 31, 2024. This case has been filed in the USDC – EDWI.
On October 31, 2024, ESSA announced that it was ending its Phase 2 trial for a prostate cancer treatment which tested masofaniten with enzalutamide versus enzalutamide alone in patients with metastatic castration-resistant prostate cancer who had not yet used second-generation antiandrogens. According to the Company, the decision followed an interim review of safety, PK, and efficacy data. Specifically, results showed a higher PSA90 response rate in patients treated with enzalutamide alone than expected based on historical data and no clear benefit was seen with the masofaniten-enzalutamide combination over enzalutamide alone. Further, futility analysis showed a low likelihood of achieving the study’s primary endpoint. Finally, ESSA also said it will end other clinical studies on masofaniten, both as a monotherapy and in combination with other treatments, to focus resources.
On this news, ESSA’s price fell $3.80 per share, or 73.08%, to close at $1.40 per share on November 1, 2024.