BVF PARTNERS L.P. ACQUIRES SHARES OF ESSA PHARMA INC.

SAN FRANCISCO, Calif., July 13, 2022 /CNW/ - BVF Partners L.P. ("BVF") announced that on July 8, 2022 and on July 11, 2022, BVF, together with certain affiliates, acquired beneficial ownership or control or direction over an aggregate of 750,000 common shares and 4,300,000 common shares, respectively, of ESSA Pharma Inc. (the "Purchased Shares"), a Vancouver, British Columbia-based company ("Essa"), at aggregate purchase prices of US$2,055,001.00 (CAD$2,664,925.30) and US$11,524,001.00 (CAD$14,981,201.30), respectively. Following these acquisitions, BVF has beneficial ownership or control or direction over 8,748,629 common shares representing approximately 19.86% of the issued and outstanding common shares.

BVF, as the investment manager of Biotechnology Value Fund, L.P. ("BVF LP"), Biotechnology Value Fund II, L.P. ("BVF II LP") 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 common shares beneficially owned in the aggregate by BVF LP, BVF II LP, 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 [phone]. Essa's head office is located at 999 West Broadway, Suite 720, Vancouver, British Columbia V5Z 1K5.

SOURCE BVF Partners L.P.