Fennec Pharmaceuticals Announces Closing of Offering of Common Shares

Core Viewpoint - Fennec Pharmaceuticals Inc. has successfully closed a public offering of 5,366,667 common shares at a price of $7.50 per share, raising approximately $40.25 million in gross proceeds before expenses [1][2]. Group 1: Offering Details - The offering included the full exercise of the underwriters' option to purchase additional shares [1]. - The net proceeds will be used to repurchase certain indebtedness and for working capital and general corporate purposes [2]. - Piper Sandler & Co. and Craig-Hallum Capital Group LLC served as joint book-running managers, with H.C. Wainwright & Co. as lead manager and Stephens Inc. as co-manager [2]. Group 2: Company Overview - Fennec Pharmaceuticals is focused on combating ototoxicity in cancer patients undergoing cisplatin-based chemotherapy, primarily through its product PEDMARK [5]. - PEDMARK received FDA approval in September 2022, followed by approvals from the European Commission in June 2023 and the U.K. in October 2023 under the name PEDMARQSI [5]. - In March 2024, Fennec entered into an exclusive licensing agreement with Norgine Pharmaceuticals Ltd. for the commercialization of PEDMARQSI in Europe, the U.K., Australia, and New Zealand [6]. Group 3: Regulatory and Market Position - PEDMARK has Orphan Drug Exclusivity in the U.S., while PEDMARQSI has received Pediatric Use Marketing Authorization in Europe, providing it with a total of ten years of market protection [7]. - Fennec holds patents for PEDMARK that extend until 2039 in both the U.S. and internationally [7].