Fennec Pharmaceuticals completes full debt redemption

Fennec Pharmaceuticals Inc. (NASDAQ: FENC) announced it has repurchased and redeemed all outstanding convertible notes, eliminating its debt obligations.

The specialty pharmaceutical company used proceeds from its recent public offering in the United States and private placement in Canada to redeem the convertible notes issued to Petrichor Opportunities Fund I LP and Petrichor Opportunities Fund I Intermediate LP. The offerings closed on November 17 and 18, respectively.

The total redemption cost was $21,729,455.30, which included $19,476,655.48 in outstanding principal, $305,134.27 in accrued interest, and a $1,947,665.55 redemption fee. The convertible notes carried an interest rate equal to the prime rate published in The Wall Street Journal, with a 3.5% floor, plus a 4.5% margin rate. The notes were scheduled to mature on August 19, 2027.

Following the redemption, Fennec has no outstanding debt, according to the company's statement.

Fennec specializes in treatments to reduce ototoxicity in cancer patients receiving cisplatin-based chemotherapy. The company's product PEDMARK received FDA approval in September 2022 and European Commission approval in June 2023. The drug is marketed as PEDMARQSI in Europe, the United Kingdom, Australia and New Zealand through an exclusive licensing agreement with Norgine Pharmaceuticals Ltd.

The company holds patents for PEDMARK providing protection until 2039 in the United States and internationally.

You May Also Be Interested In

• LENZ Therapeutics licenses VIZZ eye drop to Arrotex for Australia, NZ
• Modular Medical begins U.S. sales of Pivot insulin patch pump
• Comscore adds audience segments to Amazon DSP for privacy-forward targeting