Business
Fennec Announces Incremental $5 Million Investment from Petrichor
~ Supports Strategic Discussions and Global Launch Activities ~ ~ Extends Access to Additional Undrawn Capital As Needed During Global PEDMARK® Rollout ~ ~
About this update from Fennec Pharmaceuticals Inc.
[{"type":"text","content":"~ Supports Strategic Discussions and Global Launch Activities ~ ~ Extends Access to Additional Undrawn Capital As Needed During Global PEDMARK® Rollout ~ ~ Facilitates Market Expansion into the Adolescent and Young Adult (AYA) Patient Population ~ RESEARCH TRIANGLE PARK, N.C., Dec. 05, 2023 (GLOBE NEWSWIRE) -- Fennec Pharmaceuticals Inc. (NASDAQ: FENC; TSX: FRX), a commercial stage specialty pharmaceutical company focused on improving the lives of children with cancer, today announced the third closing of $5 million senior secured promissory notes under the existing agreement with Petrichor. The original investment agreement provided access to up to $20 million of additional financing through December 31, 2023. As part of this closing, Fennec and Petrichor have amended the agreement to provide access to up to $15 million of additional financing through December 31, 2024. “We appreciate Petrichor’s continued support of Fennec and our efforts to grow the use of PEDMARK within the global pediatric cancer community,” said Rosty Raykov, Chief Executive Officer of Fennec. “PEDMARK is the only approved therapy for reducing the risk of hearing loss that sadly occurs in far too many pediatric cancer patients who receive treatment with platinum-based chemotherapy. We are encouraged by the feedback that we are receiving from providers and patient families during our first full year on market in the U.S., as we continue our efforts to increase awareness and access to PEDMARK.” Petrichor Partner Michael Beecham commented, “We are proud to support the Fennec team as they make the families and providers to pediatric cancer patients aware of the benefits of PEDMARK. Survivors of pediatric cancer should not have to additionally suffer treatment-induced hearing loss in cases where it can be safely avoided. We believe the commercial potential for PEDMARK is significant, as is its potential to improve the lives of young cancer patients.” Further information concerning the investment agreement will be set forth in the Current Report on Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) on or about December 5, 2023. The offer and sale of the notes and the shares of common stock issuable upon conversion of the notes, if any, have not been registered under the Securities Act of 1933, as amended, or the secu...