Fennec Pharmaceuticals prices $35 million share offering at $7.50

Fennec Pharmaceuticals Inc. (NASDAQ: FENC) (TSX: FRX) announced the pricing of an underwritten public offering of 4,666,667 common shares at $7.50 per share. The specialty pharmaceutical company granted underwriters a 30-day option to purchase up to 700,000 additional shares under the same terms.

The offering is expected to generate approximately $35 million in gross proceeds before deducting underwriting discounts and offering expenses, excluding any exercise of the additional share option. The transaction is scheduled to close on November 17, 2025, subject to customary closing conditions.

Fennec stated it intends to use net proceeds to repurchase and redeem certain indebtedness, with any remaining funds allocated to working capital and general corporate purposes.

Piper Sandler & Co. and Craig-Hallum Capital Group LLC serve as joint book-running managers for the offering. H.C. Wainwright & Co. acts as lead manager while Stephens Inc. serves as co-manager.

The shares are being offered under a registration statement previously filed with and declared effective by the Securities and Exchange Commission. The company noted that shares will not be offered or sold in Canada, relying on an exemption under Section 602.1 of the TSX Company Manual for eligible interlisted issuers.

Fennec focuses on commercializing PEDMARK, a treatment to reduce platinum-induced hearing loss in cancer patients receiving cisplatin-based chemotherapy. The drug received FDA approval in September 2022 and European Commission approval in June 2023.

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