Business
Fennec Pharmaceuticals Announces Third Quarter 2022 Financial Results and Provides Business Update
~ In September 2022, FDA Approved PEDMARK®, the First and Only FDA-Approved Therapy Indicated to Reduce the Risk of Ototoxicity Associated with Cisplatin in
About this update from Fennec Pharmaceuticals Inc.
[{"type":"text","content":"~ In September 2022, FDA Approved PEDMARK®, the First and Only FDA-Approved Therapy Indicated to Reduce the Risk of Ototoxicity Associated with Cisplatin in Pediatric Patients with Localized, Non-Metastatic Tumors ~ ~ Initiated U.S. Commercial Launch of PEDMARK® in October 2022 ~ ~ Closed $25 Million in Funding from Petrichor to Support the U.S. Commercialization of PEDMARK®, With the Potential to Access an Additional $20 Million Prior to December 31, 2023 ~ RESEARCH TRIANGLE PARK, N.C., Nov. 11, 2022 (GLOBE NEWSWIRE) -- Fennec Pharmaceuticals Inc. (NASDAQ:FENC; TSX: FRX), a commercial stage specialty pharmaceutical company focused on the development of PEDMARK® (sodium thiosulfate injection) to reduce the risk of ototoxicity associated with cisplatin in pediatric patients one month of age and older with localized, non-metastatic solid tumors today reported its financial results for the fiscal quarter ended September 30, 2022 and provided a business update. “This was an important quarter for Fennec with the FDA approval of PEDMARK® and the successful buildout of our commercial infrastructure leading to the recent U.S. commercial launch of PEDMARK. In addition, we successfully completed a $25 million financing, which we believe well positions the Company for the launch of PEDMARK,” said Rosty Raykov, chief executive officer of Fennec Pharmaceuticals. “PEDMARK provides the first and only FDA-approved treatment specifically designed to help protect hearing in children and young adults after receiving cisplatin. We remain focused on continuing our engagement with healthcare providers and supporting pediatric patient access to this breakthrough therapy.” Financial Results for the Third Quarter 2022 Cash Position – Cash and cash equivalents were $29.8 million at September 30, 2022. The increase in cash and cash equivalents between September 30, 2022, and December 31, 2021, is the result of cash inflow from the Petrichor financing offset by cash to pay off the Bridge Bank loan and expenditures related to the commercial readiness activities for PEDMARK® and general and administrative expenses.Research and Development (R&D) Expenses – R&D expenses decreased by $0.4 million for the three months ended September 30, 2022, compared to the same period in 2021. The Company’s research and development activities during the quarter decreased as t...