An anonymous director reports

ESSA PHARMA INC. REPORTS FIRST QUARTER 2015 FINANCIAL RESULTS

Essa Pharma Inc. has released financial results for the first quarter and three months ended Dec. 31, 2014. Amounts, unless specified otherwise, are expressed in Canadian dollars and in accordance with international financial reporting standards (IFRS).

Summary results

• Essa recorded a net loss of $1.5-million (10 cents per common share) for the three months ended Dec. 31, 2014 (first quarter of fiscal 2015), compared with a net loss of $200,000 (two cents per common share) for the three months ended Dec. 31, 2013 (first quarter of fiscal 2014).
• Research and development expenditures for the first quarter of fiscal 2015 were $400,000, compared with $100,000 for the first quarter of fiscal 2014. The increase was primarily due to increased R&D activity related to preclinical work on the clinical candidate EPI-506, the establishment of a preclinical and clinical team at the company site in Houston, Tex., which had opened in the latter half of the year ended Sept. 30, 2014, as well as increased fees associated with the patent portfolio.
• General and administration expenditures for the first quarter of fiscal 2015 were $600,000, compared with $100,000 for the first quarter of fiscal 2014. The increase was primarily due to additional salary expenses and professional fees in association with the preparation and filing of a prospectus with the British Columbia, Ontario and Alberta securities commission to become a reporting issuer and an application to be listed on the TSX Venture Exchange.

Liquidity and outstanding share capital

• At Dec. 31, 2014, Essa had cash and cash equivalents of $4-million, which included net proceeds of $1,168,365 from the issuance of special warrants in October, 2014, and $1,159,400 in connection with the January, 2015, financing, which had been received in advance.
• As of Dec. 31, 2014, the company had 15,687,534 common shares issued and outstanding, 2,382,540 preferred shares issued and outstanding, 1,405,750 common shares issuable upon the exercise of outstanding stock options at a weighted average exercise price of 94 cents per share, and 129,834 common shares issuable upon the exercise of outstanding warrants at a weighted average exercise price of $2 per share.

We seek Safe Harbor.