ESSA Pharma shareholders approve board nominees, auditor

In a recent shareholder meeting, ESSA Pharma Inc . (NASDAQ:EPIX), a pharmaceutical company specializing in the development of treatments for prostate cancer, received majority support for all proposed items, including the election of directors and appointment of auditors. The meeting, held on Tuesday, saw a 42.55% turnout of shareholders. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 33.12, indicating robust short-term financial health.

The company’s proposal to set the number of directors was overwhelmingly approved with 18,276,662 votes in favor. Additionally, all seven director nominees were elected with at least 95% of the votes cast for each candidate. David R. Parkinson received the highest approval rate at 98.83%.

The appointment and remuneration of auditors also passed with significant support, garnering 18,821,777 votes for the motion. The advisory vote on the compensation of the company’s named executive officers was also approved, with 6,665,705 votes in favor.

ESSA Pharma, based in Vancouver, Canada, is known for its focus on developing novel therapies for the treatment of prostate cancer. The results of the meeting are expected to solidify the company’s leadership and strategic direction as it continues its research and development efforts.

The detailed voting results from the annual general meeting are available in the company’s latest 8-K filing with the Securities and Exchange Commission. This report provides transparency and insight for investors and stakeholders regarding corporate governance and executive compensation matters.

The company’s stock, traded on the Nasdaq Capital Market, may see investor reaction to these developments, as shareholders’ decisions at meetings like this can have an impact on company policy and strategy moving forward. ESSA Pharma’s management team, led by the newly re-elected board, is poised to continue its mission to advance treatments for prostate cancer patients. InvestingPro analysis shows the stock has faced significant headwinds, declining over 80% in the past year, though current valuations suggest the company may be undervalued. Get access to 8 additional ProTips and comprehensive financial analysis with InvestingPro.

This news is based on a press release statement and reflects the events and decisions taken during ESSA Pharma Inc.’s 2025 annual general meeting of shareholders. Looking ahead, analyst price targets range from $1.65 to $31.06, with the company’s next earnings report expected on May 13, 2025.

In other recent news, ESSA Pharma Inc. has made significant changes to its corporate agreements and executive compensation structure. The company has terminated its long-standing license agreement with the British Columbia Cancer Agency and the University of British Columbia, which provided ESSA Pharma with exclusive worldwide rights to develop and commercialize prostate cancer treatments. This termination marks the end of a 14-year collaboration that has been crucial to the company’s research and development efforts in oncology. ESSA Pharma has not disclosed the reasons for ending the agreement or its potential impact on the company’s product pipeline.

Additionally, ESSA Pharma has introduced a new severance plan for its executive officers, which replaces the previous cash severance benefits outlined in their employment agreements. The plan includes severance benefits ranging from one to one and a half times the officer’s base salary, with additional provisions for the Chief Executive Officer. These changes are part of ESSA Pharma’s strategy to align executive compensation with industry standards and reflect its corporate governance practices. The company has made these announcements through recent filings with the Securities and Exchange Commission.

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