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Fennec Pharmaceuticals Ord Shs T.FRX

Alternate Symbol(s):  FENC

Fennec Pharmaceuticals Inc. is a commercial-stage biopharmaceutical company, which is focused on its product candidate PEDMARK. The Company sells its product through a field force, including regional pediatric oncology specialists and medical science liaisons who are helping to educate the medical communities and patients about cisplatin induced ototoxicity and its programs supporting patient access to PEDMARK. PEDMARK is a Food and Drug Administration (FDA) approved therapy indicates to reduce the risk of ototoxicity associated with cisplatin treatment in pediatric patients with localized, non-metastatic and solid tumors. It is a formulation of sodium thiosulfate in single-dose, ready-to-use vials for intravenous use in pediatric patients. PEDMARK is a therapeutic agent with a dosing paradigm, across two open-label, randomized Phase III clinical studies, the Clinical Oncology Group (COG) Protocol ACCL0431 and SIOPEL 6.

TSX:FRX - Post by User

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  • Betteryear2X
Post by Betteryear2on Aug 01, 2022 10:14am
Post# 34863945

Fennec Pharmaceuticals Up to $45 M Investment From Petrichor

Fennec Pharmaceuticals Up to $45 M Investment From Petrichor

~ Under the Terms of the Investment Agreement, $5 Million to be Funded on initial closing and $20 Million to be Funded Upon Potential FDA Approval of PEDMARKTM ~

~ Fennec Has the Potential to Access an Additional $20 Million Prior to December 31, 2023 ~

~ Funding to Support the Potential Commercialization of PEDMARKTM to Reduce the Risk of Ototoxicity Associated with Cisplatin in Pediatric Patients with Localized, Non-Metastatic, Solid Tumors ~

RESEARCH TRIANGLE PARK, N.C., Aug. 01, 2022 (GLOBE NEWSWIRE) --  Fennec Pharmaceuticals Inc. (NASDAQ:FENC; TSX: FRX), a specialty pharmaceutical company, today announced up to a US$45 million investment from Petrichor Healthcare Capital Management ("Petrichor"). Under the terms of the investment agreement:

  • Subject to customary closing conditions, Petrichor will purchase $5 million of senior secured promissory notes which are convertible into Fennec common shares at a price per share of $8.11 based upon a 20% premium to the 5-day VWAP immediately prior to announcement of the investment. The Company intends to repay in full its existing secured indebtedness with Bridge Bank before the first closing;
  • An additional $20 million to be funded upon the potential U.S. Food and Drug Administration (FDA) approval of PEDMARKTM by September 30, 2022 and satisfaction of other closing conditions. Fennec upon mutual agreement with Petrichor may draw up to $20 million of additional financing under the investment agreement; and
  • The notes have a five-year term and bear interest at a rate equal to the US Prime Rate plus 4.5%, with 3.5% of the interest paid in kind for the first twenty-four months.

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