Fennec Pharmaceuticals Announces Proposed Offering of Common Shares

Rhea-AI Summary

Fennec Pharmaceuticals (NASDAQ:FENC) announced on November 13, 2025 a proposed underwritten registered public offering of common shares. The company said it will grant the underwriters a 30-day option to purchase up to an additional 15% of the shares sold.

Fennec intends to use net proceeds to repurchase and redeem certain indebtedness, with any remaining proceeds for working capital and general corporate purposes. Piper Sandler and Craig-Hallum are joint book-running managers. The offering will be made under a registration statement declared effective by the SEC and the shares will not be offered in Canada.

Positive

• Net proceeds allocated to repurchase and redeem indebtedness
• Offering proceeds available for working capital and general corporate purposes

Negative

• Underwriters have a 30-day option for up to 15% additional shares
• Public offering may cause shareholder dilution if fully subscribed

Insights

Equity Financing Analyst

Fennec announces an underwritten common share offering with a 30-day 15% overallotment option to repay debt and for general corporate purposes.

The company, Fennec Pharmaceuticals, intends to sell common shares in an underwritten registered public offering and grant underwriters a 30-day option to buy up to an additional 15% of the shares. The stated allocation of net proceeds is to repurchase and redeem certain indebtedness, with any remaining proceeds used for working capital and general corporate purposes.

Key dependencies and risks include the offering size and pricing, which are not disclosed here, and the timing tied to filing a preliminary prospectus supplement with the SEC; those items determine dilution and the exact debt reduction. Watch for the filed prospectus and the terms it reports on pricing, number of shares, and specific indebtedness targeted, near the SEC filing linked in the release and following the usual underwriting timeline after Nov 13, 2025.

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 offer and sell its common shares in an underwritten registered public offering. In addition, Fennec intends to grant the underwriters a 30-day option to purchase up to an additional 15% of its common shares sold in the public offering.

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

Piper Sandler & Co. and Craig-Hallum Capital Group LLC are acting as the joint book-running managers for the proposed public offering.

The common shares are being offered by the Company pursuant to a registration statement previously filed with and declared effective by the Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement and an accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus, when filed with the SEC, 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 proposed offering will not be offered or sold, directly or indirectly, in Canada or to any resident of Canada.

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 did Fennec Pharmaceuticals (FENC) announce on November 13, 2025?

Fennec announced a proposed underwritten registered public offering of common shares and a 30-day option for up to 15% additional shares.

How will Fennec (FENC) use the proceeds from the November 13, 2025 offering?

Fennec intends to use net proceeds to repurchase and redeem certain indebtedness, with any remaining proceeds for working capital and general corporate purposes.

Who are the joint book-running managers for Fennec's (FENC) offering?

Piper Sandler & Co. and Craig-Hallum Capital Group LLC are the joint book-running managers.

Will Fennec's (FENC) common shares be offered in Canada?

No. The press release states the common shares will not be offered or sold in Canada or to Canadian residents.

Where can investors find the preliminary prospectus for Fennec's (FENC) offering?

A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC and available at www.sec.gov when filed.