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Published February 10, 2025
When Essa Pharma announced its key drug, masofaniten, was complete dud, investors pulled the plug on the stock. The sell-off caused Essa’s stock price to plummet a staggering 73% overnight. Shocked shareholders are now taking legal action against the Company.
Essa was investigating masofaniten as a potential prostate cancer treatment. The study combined masofanien with another proven prostate cancer treatment to see if the combo worked even more effectively. In throughout most of 2024, the Company bragged about its Phase 1 study, which the Company claimed was a total success. Essa moved on to a Phase 2 trial about the drug combo.
So investors were stunned in October 2024 when the Company suddenly announced it was not only halting the Phase 2 study, but all studies about masofaniten. The announcement revealed the combination of masofaniten and the proven treatment was actually less effective than the proven treatment alone – meaning masofaniten was a total failure.
The announcement shocked investors and prompted a rapid sell-off of ESSA shares. Now, some of the angry investors are joining the lawsuit.