Essa Pharma Shares Drop After Lead Drug Candidate Fails

Dow Jones

Nov 01, 2024

By Colin Kellaher

Essa Pharma's stock price plunged after the clinical-stage pharmaceutical company said it was throwing in the towel on its lead product candidate and exploring strategic alternatives.

Shares of the South San Francisco, Calif., company were down 63.5% at $1.90 in premarket trading Friday.

Essa late Thursday said it was ending Phase 2 study of masofaniten in prostate cancer after determining the study was unlikely to meet its primary endpoint.

The company said it would also terminate other studies involving masofaniten and launch a process to review strategic options focused on maximizing shareholder value.

Essa, which had a market capitalization of nearly $231 million based on Thursday's closing price of $5.20, said it had net working capital of $124.3 million as of Sept. 30.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 01, 2024 06:50 ET (10:50 GMT)

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