Fennec Pharmaceuticals announces public offering of common shares

Fennec Pharmaceuticals Inc. (NASDAQ: FENC) (TSX: FRX) announced it plans to conduct an underwritten registered public offering of common shares. The specialty pharmaceutical company also intends to grant underwriters a 30-day option to purchase up to an additional 15% of the shares sold in the offering.

The company stated it plans to use net proceeds from the proposed offering to repurchase and redeem certain indebtedness, with remaining proceeds directed toward working capital and general corporate purposes.

Piper Sandler & Co. and Craig-Hallum Capital Group LLC will serve as joint book-running managers for the proposed public offering. The shares are being offered under a registration statement previously filed with and declared effective by the Securities and Exchange Commission.

Fennec Pharmaceuticals focuses on commercializing PEDMARK to reduce the risk of platinum-induced hearing loss in cancer patients receiving cisplatin-based chemotherapy. PEDMARK received FDA approval in September 2022 and European Commission approval in June 2023.

The company entered into an exclusive licensing agreement in March 2024 with Norgine Pharmaceuticals Ltd. to commercialize the drug, marketed as PEDMARQSI in Europe, the United Kingdom, Australia and New Zealand. The product is now commercially available in the U.K. and Germany.

PEDMARK has received Orphan Drug Exclusivity in the U.S., while PEDMARQSI has received Pediatric Use Marketing Authorization in Europe, which includes eight years plus two years of data and market protection. Fennec holds patents providing protection for PEDMARK until 2039 in both the U.S. and internationally.

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