Fennec Pharmaceuticals plans private offering of common shares

Fennec Pharmaceuticals Inc. (NASDAQ: FENC) (TSX: FRX) announced plans for a non-brokered private offering of common shares in Canada at $7.50 per share with existing institutional shareholders.

The specialty pharmaceutical company expects to raise up to $5,025,000 in aggregate gross proceeds from the offering, which is scheduled to close November 17, 2025. The completion remains subject to subscription agreements with investors and customary closing conditions, including Toronto Stock Exchange approval.

The offering targets prospective purchasers in Canadian provinces except Quebec under the listed issuer financing exemption. Common shares issued will not be subject to a hold period under Canadian securities laws. The company plans to register any shares issued under the Securities Act of 1933 through a prospectus supplement.

Fennec stated there are no assurances the offering will be completed or regarding the final amount of proceeds raised. The company is utilizing an exemption in the TSX Company Manual for eligible interlisted issuers on recognized exchanges such as Nasdaq.

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

In March 2024, Fennec entered a licensing agreement with Norgine Pharmaceuticals Ltd. for European commercialization of the product, marketed as PEDMARQSI in Europe. The treatment is currently available in the United Kingdom and Germany.

The information is based on a company press release statement.

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