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ESSA Pharma to raise $36M via public offering, private placement

ESSA Pharma Inc. plans to raise about US$36 million through a public offering of shares and a concurrent private placement of equity securities.

The Vancouver, British Columbia-based company will issue 18 million common shares or pre-funded warrants in lieu of common shares, at $2 apiece. Each pre-funded warrant allows the holder to purchase one common share.

The company's common stock offering, which ends on or around Aug. 27 subject to customary closing conditions, will be conducted in the provinces of British Columbia, Alberta and Ontario. The private placement will be made within the U.S.

ESSA Pharma plans to list its shares on both the TSX Venture Exchange and Nasdaq Capital Market.

The pharmaceutical company plans to use net proceeds to complete early-stage studies on its drug candidate, EPI-7386, for treating prostate and breast cancer as well as for general and corporate purposes.

The offering is led by Soleus Capital and includes new investors like RA Capital Management and existing ones like BVF Partners LP, which is co-investing in the offering.

Bloom Burton Securities Inc. is ESSA Pharma's sole agent for the offering in Canada, while Oppenheimer & Co. Inc. will act as exclusive U.S. placement agent.