Fennec Pharmaceuticals Announces Completion Of Full Debt Redemption

Core Insights - Fennec Pharmaceuticals has successfully repurchased and redeemed all outstanding convertible notes issued to Petrichor Opportunities Fund, eliminating its debt [1][2] - The total cost for the repurchase and redemption of the Petrichor notes was approximately $21.73 million, which included principal, accrued interest, and a redemption fee [2] - Fennec is focused on the commercialization of PEDMARK, a drug aimed at reducing platinum-induced ototoxicity in cancer patients, which has received multiple regulatory approvals [3][5] Financial Summary - The aggregate repurchase and redemption price of the Petrichor notes was $21,729,455.30, comprising $19,476,655.48 in principal, $305,134.27 in accrued interest, and a $1,947,665.55 redemption fee [2] - Prior to redemption, the notes had an interest rate tied to the prime rate with a floor of 3.5% plus a margin rate of 4.5% [2] Product and Market Information - PEDMARK received FDA approval in September 2022, European Commission approval in June 2023, and U.K. approval in October 2023 under the brand name PEDMARQSI [3] - Fennec entered into an exclusive licensing agreement with Norgine Pharmaceuticals for the commercialization of PEDMARQSI in Europe, the U.K., Australia, and New Zealand [4] - PEDMARK has Orphan Drug Exclusivity in the U.S. and PEDMARQSI has received Pediatric Use Marketing Authorization in Europe, providing significant market protection [5]