BVF Partners L.P. Acquires Shares of Essa Pharma Inc.

SAN FRANCISCO, Calif., Aug. 10, 2020 /CNW/ - BVF Partners L.P. ("BVF") announced that on July 29, 2020, BVF, together with certain affiliates, acquired beneficial ownership or control or direction over an aggregate of 1,150,000 common shares of ESSA Pharma Inc. (the "Purchased Shares"), a Vancouver, British Columbia-based company ("Essa"), in a public offering for an aggregate purchase price of $6,900,000.

Prior to the acquisition of the Purchased Shares, on August 23, 2019, BVF had beneficial ownership or control or direction over 2,640,565 Shares, representing 17.99% of the issued and outstanding Shares, which was reduced to 12.72% following the issuance by Essa of 6,080,602 Shares on August 23, 2019. Thereafter, BVF disposed of beneficial ownership or control or direction over an aggregate of 784,976 Shares on the successive sale dates of February 19-21, 2020, April 20-29, 2020, May 11-29, 2020, June 2-30, 2020 and July 1-7, 2020, for an aggregate sale price of $4,160,930. Immediately after the acquisition of the Purchased Shares, BVF had beneficial ownership or control or direction over 3,005,589 Shares, representing 10.37% of the issued and outstanding Shares.

BVF, as the investment manager of Biotechnology Value Fund, L.P. ("BVF LP"), Biotechnology Value Fund II, L.P. ("BVF II LP"), Investment 10, L.L.C. ("ILL10") and MSI BVF SPV, L.L.C. ("MSI"), and the sole member of BVF Partners OS, Ltd., which is itself the general partner of Biotechnology Value Trading Fund O.S., L.P. ("Trading Fund OS"), may be considered to have the power to exercise control or direction over the Shares beneficially owned in the aggregate by BVF LP, BVF II LP, ILL10, MSI and Trading Fund OS.

BVF acquired beneficial ownership or control or direction over the Purchased Shares for investment purposes. BVF may further purchase, hold, vote, trade, dispose or otherwise deal in Shares in such manner as they deem advisable to benefit from changes in market prices of the Shares, publicly disclosed changes in the operations of Essa, its business strategy or prospects or from a sale or merger of Essa.

BVF is located at 44 Montgomery Street, 40^th Floor, San Francisco, California 94104. For further information, please contact BVF's principal office at (415) 525-8850. Essa's head office is located at 999 West Broadway, Suite 720, Vancouver, British Columbia V5Z 1K5.

SOURCE BVF Partners L.P.