Fennec Pharmaceuticals Announces Private Offering of Common Shares in Canada

Rhea-AI Summary

Fennec Pharmaceuticals (NASDAQ:FENC; TSX:FRX) announced a non-brokered private offering in Canada of common shares at US$7.50 per share to certain existing institutional shareholders for aggregate gross proceeds of up to US$5,025,000. The offering is expected to close on November 17, 2025, subject to subscription agreements, customary closing conditions and receipt of required approvals including the Toronto Stock Exchange.

The offering will be made under the listed issuer financing exemption (except Quebec) and the company expects to register any shares in the U.S. under the Securities Act via a prospectus supplement. There is no assurance the offering will complete or the amount raised if completed.

Positive

• Capital raise opportunity up to US$5.025M
• Shares priced at US$7.50 per share
• Expected close date: Nov 17, 2025
• Issued shares will not be subject to a Canadian hold period

Negative

• Offering is subject to approvals including TSX and may not complete
• Potential shareholder dilution from new share issuance
• Offering limited to Canada (except Quebec), restricting buyer pool

Insights

Capital Markets Strategist

Planned non‑brokered equity sale to raise up to $5,025,000 at $7.50 per share; closing targeted Nov 17, 2025.

Fennec Pharmaceuticals is arranging a private placement of common shares in Canada with existing institutional holders via a non‑brokered, listed issuer financing exemption. The company sets the offering price at $7.50 and a maximum gross raise of $5,025,000, and expects to register the issued shares under the Securities Act of 1933 with a prospectus supplement.

The transaction depends on subscription agreements, customary closing conditions and TSX approval, and the press release notes no assurance the offering will complete. Watch for the executed subscription agreements and receipt of TSX approval by Nov 17, 2025; those items determine whether the stated proceeds and any dilution occur.

RESEARCH TRIANGLE PARK, N.C., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Fennec Pharmaceuticals Inc. (NASDAQ:FENC) (TSX:FRX) (“Fennec” or the “Company”), a specialty pharmaceutical company, today announced that it intends to engage in a non-brokered offering of its common shares in Canada, at a price of US$7.50 per share, with certain of its existing institutional shareholders, for aggregate gross proceeds of up to US$5,025,000. The offering is expected to close on November 17, 2025, subject to the Company entering into subscription agreements with investors in the offering, if any, and certain customary closing conditions including, but not limited to, the receipt of all necessary approvals, including approval from the Toronto Stock Exchange (“TSX”).

The offering is being made to prospective purchasers resident in any province in Canada (except Quebec) pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions and the Company expects to register any common shares issued in the offering, if any, under the Securities Act of 1933, as amended, pursuant to a prospectus supplement and accompanying prospectus. As the offering is being completed pursuant to the listed issuer financing exemption, the common shares issued pursuant to the offering will not be subject to a hold period pursuant to applicable Canadian securities laws. There are no assurances that the offering will be completed or, if completed, the amount of aggregate gross proceeds that will be raised through the offering.

There is an offering document related to the offering that can be accessed under the Company’s profile at www.sedarplus.com and at www.fennecpharma.com. Prospective investors in the Canadian offering should read this offering document before making an investment decision.

The common shares in the offering will offered and sold solely in Canada. 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.

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. These forward-looking statements include, among other things, statements regarding the Company’s expectations on the timing, size and completion of the offering. 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 is Fennec Pharmaceuticals announcing with ticker FENC on November 14, 2025?

Fennec announced a non-brokered private offering in Canada to raise up to US$5,025,000 by selling common shares at US$7.50 per share.

When is the Fennec (FENC) Canadian offering expected to close?

The offering is expected to close on November 17, 2025, subject to subscription agreements and required approvals.

Will Fennec (FENC) common shares from the Canadian offering be subject to a hold period?

No; because the offering uses the listed issuer financing exemption, shares issued will not be subject to a Canadian hold period.

How much is each Fennec (FENC) share priced in the Canadian private placement?

Each common share in the offering is priced at US$7.50 per share.

Is the Fennec (FENC) offering guaranteed to be completed and available outside Canada?

No; there is no assurance the offering will complete, and the shares will be offered and sold solely in Canada.