Fennec Pharmaceuticals Announces Completion Of Full Debt Redemption
Rhea-AI Summary
Fennec Pharmaceuticals (NASDAQ:FENC) announced it has repurchased and redeemed all outstanding convertible notes held by Petrichor Opportunities Fund I LP and Petrichor Opportunities Fund I Intermediate LP, leaving the company with no outstanding debt.
The repurchase used proceeds from the company’s underwritten public offering in the U.S. and concurrent private placement in Canada, which closed on November 17–18, 2025. The aggregate repurchase and redemption price was $21,729,455.30 (comprised of $19,476,655.48 principal, $305,134.27 accrued interest, and a $1,947,665.55 redemption fee). The Petrichor notes had carried interest at prime with a 3.5% floor plus a 4.5% margin and were set to mature on August 19, 2027.
Positive
- Company reports no outstanding debt after redemption
- Eliminated notes that bore interest at prime with 3.5% floor + 4.5% margin
Negative
- Aggregate repurchase and redemption price of $21,729,455.30
- Paid a $1,947,665.55 redemption fee using offering proceeds closed Nov 17–18, 2025
News Market Reaction
On the day this news was published, FENC declined 6.51%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
RESEARCH TRIANGLE PARK, N.C., Nov. 19, 2025 (GLOBE NEWSWIRE) -- Fennec Pharmaceuticals Inc. (NASDAQ:FENC) (TSX:FRX) (“Fennec” or the “Company”), a specialty pharmaceutical company, today announced it has repurchased and redeemed all of Fennec’s outstanding convertible notes issued to Petrichor Opportunities Fund I LP and Petrichor Opportunities Fund I Intermediate LP using proceeds from the closing of the Company’s previously announced underwritten public offering in the United States and concurrent private placement in Canada, closed on November 17 and 18, 2025, respectively. The Company has no outstanding debt after the redemption of Petrichor’s convertible notes.
The aggregate repurchase and redemption price of the Petrichor notes was
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
What did Fennec (FENC) announce on November 19, 2025 regarding debt?
How much did Fennec pay to redeem the Petrichor notes (FENC)?
What components made up the $21,729,455.30 redemption price for FENC?
How did Fennec (FENC) fund the redemption of the Petrichor notes?
What interest terms did the Petrichor convertible notes carry before redemption?
When were the Petrichor notes originally scheduled to mature for Fennec (FENC)?
