Fennec Pharmaceuticals Announces Closing of Offering of Common Shares

Rhea-AI Summary

Fennec Pharmaceuticals (NASDAQ:FENC) closed an underwritten registered public offering on Nov 17, 2025 of 5,366,667 common shares at $7.50 per share, including full exercise of the underwriters' option. Gross proceeds before fees were approximately $40,250,000. The company intends to use net proceeds to repurchase and redeem certain indebtedness, with remaining funds for working capital and general corporate purposes. Piper Sandler and Craig-Hallum acted as joint book-running managers; H.C. Wainwright and Stephens served as additional managers. The offering was conducted under a registration statement declared effective by the SEC.

Positive

• Gross proceeds of approximately $40,250,000
• Net proceeds intended to repurchase and redeem certain indebtedness

Negative

• Issued 5,366,667 new common shares at $7.50 (dilution risk)
• Offering proceeds reduced by underwriting discounts and offering expenses

Insights

Equity Capital Markets Analyst

Fennec closed a registered offering of 5,366,667 shares for gross proceeds of $40,250,000 on Nov. 17, 2025.

The company sold 5,366,667 common shares at a public offering price of $7.50 per share, producing total gross proceeds of approximately $40,250,000. The underwriters exercised their option in full and the offering was conducted under a previously declared effective registration statement with registered book‑runners and managers named.

Fennec intends to use net proceeds to repurchase and redeem certain indebtedness and for working capital and general corporate purposes. The immediate business mechanism is straightforward: raise cash via equity issuance, then allocate proceeds to reduce debt and fund operations. Key dependencies include the final net proceeds after underwriting discounts and expenses and successful execution of the planned debt repurchase/redemption.

Risks include shareholder dilution from the added shares and uncertainty over how much of the gross proceeds remain after fees and expenses. Monitor the company’s disclosures for the exact net proceeds amount, details and timing of any debt repurchases or redemptions, and any subsequent changes to outstanding share count; expect those items to be reported in near‑term filings following this closing.

RESEARCH TRIANGLE PARK, N.C., Nov. 17, 2025 (GLOBE NEWSWIRE) -- Fennec Pharmaceuticals Inc. (NASDAQ:FENC) (TSX:FRX) (“Fennec” or the “Company”), a specialty pharmaceutical company, today announced the closing of its underwritten registered public offering of 5,366,667 common shares (which amount includes exercise in full of the underwriters’ option to purchase additional common shares) at a public offering price of $7.50 per share. Fennec’s total gross proceeds from the offering (before deducting the underwriting discounts and offering expenses) are approximately $40,250,000.

Fennec intends to use the net proceeds of the offering to repurchase and redeem certain indebtedness and the remaining net proceeds for working capital and general corporate purposes.

Piper Sandler & Co. and Craig-Hallum Capital Group LLC acted as the joint book-running managers for the offering. H.C. Wainwright & Co. acted as lead manager and Stephens Inc. acted as co-manager for the offering.

The offering was conducted pursuant to a registration statement previously filed with and declared effective by the Securities and Exchange Commission (the “SEC”). A final prospectus supplement and an accompanying prospectus relating to the offering were filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may also be obtained from Piper Sandler & Co., Attention: Prospectus Department, 350 North 5th Street, Suite 1000, Minneapolis, Minnesota 55401, by telephone at (800) 747-3924 or by email at prospectus@psc.com and Craig-Hallum Capital Group LLC, Attention: Equity Capital Markets, 323 North Washington Ave., Minneapolis, MN 55401, by telephone at (612) 334-6300 or by email at prospectus@chlm.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy common shares, nor shall there be any sale of common shares, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The common shares in the offering will not be offered or sold, directly or indirectly, in Canada or to any resident of Canada. Fennec is relying upon the exemption set forth in Section 602.1 of the TSX Company Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as Nasdaq.

About Fennec Pharmaceuticals

Fennec Pharmaceuticals Inc. is a specialty pharmaceutical company committed to the fight against ototoxicity in cancer patients who receive cisplatin-based chemotherapy. Fennec is focused on the commercialization of PEDMARK^® to reduce the risk of platinum-induced ototoxicity in cancer patients. PEDMARK^® received FDA approval in September 2022 and European Commission approval in June 2023 and United Kingdom (U.K.) approval in October 2023 under the brand name PEDMARQSI^®.

In March 2024, Fennec entered into an exclusive licensing agreement under which Norgine Pharmaceuticals Ltd., a leading European specialist pharmaceutical company, will commercialize PEDMARQSI^® in Europe, U.K., Australia and New Zealand. PEDMARQSI^® is now commercially available in the U.K. and Germany.

PEDMARK^® has received Orphan Drug Exclusivity in the U.S. and PEDMARQSI^® has received Pediatric Use Marketing Authorization in Europe which includes eight years plus two years of data and market protection. Further, Fennec has patents providing protection for PEDMARK^® until 2039 in both the U.S. and internationally.

Forward Looking Statements

Except for historical information described in this press release, all other statements are forward-looking. Words such as “believe,” “anticipate,” “plan,” “expect,” “estimate,” “intend,” “may,” “will,” or the negative of those terms, and similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including the risks and uncertainties that regulatory and guideline developments may change, scientific data and/or manufacturing capabilities may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, unforeseen global instability, including political instability, or instability from an outbreak of pandemic or contagious disease, such as the novel coronavirus (COVID-19), or surrounding the duration and severity of an outbreak, protection offered by the Company’s patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the Company’s products will not be as large as expected, the Company’s products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to fund further development and clinical studies, the Company’s ability to obtain necessary capital when needed on acceptable terms or at all, and other risks detailed from time to time in the Company’s filings with the SEC including its Annual Report on Form 10-K for the year ended December 31, 2024. Fennec disclaims any obligation to update these forward-looking statements except as required by law.

For a more detailed discussion of related risk factors, please refer to our public filings available at www.sec.gov and www.sedar.com.

PEDMARK^®, PEDMARQSI^® and Fennec^® are registered trademarks of Fennec Pharmaceuticals Inc.

©2025 Fennec Pharmaceuticals Inc. All rights reserved

For further information, please contact:

Investors:
Robert Andrade
Chief Financial Officer
Fennec Pharmaceuticals Inc.
+1 919-246-5299

Corporate and Media:
Lindsay Rocco
Elixir Health Public Relations
+1 862-596-1304
lrocco@elixirhealthpr.com

FAQ

How many shares did Fennec (FENC) sell in the Nov 17, 2025 offering?

Fennec sold 5,366,667 common shares in the offering on Nov 17, 2025.

What price per share did Fennec (FENC) receive in the Nov 17, 2025 offering?

The public offering price was $7.50 per share.

How much gross capital did Fennec (FENC) raise on Nov 17, 2025?

Gross proceeds from the offering were approximately $40,250,000 before fees.

What will Fennec (FENC) use the offering proceeds for?

Fennec intends to use net proceeds to repurchase and redeem certain indebtedness, and the remainder for working capital and general corporate purposes.

Which banks managed Fennec's (FENC) Nov 17, 2025 offering?

Piper Sandler and Craig-Hallum were joint book-running managers; H.C. Wainwright was lead manager and Stephens was co-manager.

Were Fennec (FENC) shares offered in Canada in the Nov 17, 2025 deal?

No. The common shares were not offered or sold in Canada or to Canadian residents.