EPIX - ESSA drops 26% as Johnson & Johnson ends enrollment in Phase 1 trial involving lead asset

Canadian biotech ESSA Pharma ( NASDAQ: EPIX ) shed ~26% pre-market Monday after announcing that Janssen Research and Development of Johnson & Johnson ( JNJ ) will no longer enroll patients in a Phase 1 trial for a drug combination involving its lead asset EPI-7386 in prostate cancer.

Janssen has cited difficulties in patient recruitment as the reason for the decision, ESSA ( EPIX ) said.

The trial was designed to evaluate EPI-7386 in combination with JNJ's cancer treatments abiraterone acetate and apalutamide in patients with metastatic castration-resistant prostate cancer ("mCRPC").

The company said that EPI-7386 with apalutamide or EPI-7386 with abiraterone acetate plus prednisone were safe and well tolerated in three patients who received the drug regimens for up to four months.

Indicating a 90% decline in prostate-specific antigen within 12 weeks, two out of three patients showed early clinical activity, according to the company.

ESSA ( EPIX ) is in talks with Janssen to secure abiraterone acetate and apalutamide supplies for a company-sponsored trial.

"We are encouraged by the favorable safety, pharmacokinetic, and initial clinical activity in these patients as these data further support the data generated in the EPI-7386 combination study with enzalutamide that ESSA is conducting," Chief Executive David Parkinson said.

ESSA ( EPIX ) shares jumped on Wednesday after announcing Phase 1/2 data supporting the efficacy of EPI-7386 in combination with enzalutamide in patients with mCRPC.

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