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Fennec completes 2nd closing of $20M of notes

2022-09-26 12:59 ET - News Release

Mr. Robert Andrade reports

FENNEC PHARMACEUTICALS ANNOUNCES SECOND CLOSING OF $20 MILLION INVESTMENT FROM PETRICHOR

Fennec Pharmaceuticals Inc. has completed the second closing of $20-million of senior secured promissory notes under its previously announced investment agreement with Petrichor Healthcare Capital Management. Under the terms of the original investment agreement, the second closing of $20-million was to be financed upon the United States Food and Drug Administration (FDA) approval of Pedmark (sodium thiosulphate injection) by Sept. 30, 2022, and satisfaction of other closing conditions. On Sept. 20, 2022, the FDA approved the company's new drug application (NDA) for Pedmark to reduce the risk of ototoxicity associated with cisplatin in pediatric patients one month of age and older with localized non-metastatic solid tumours. Further, Fennec, upon mutual agreement with Petrichor, may draw up to $20-million of additional financing under the investment agreement.

Further information concerning the investment agreement will be set forth in the current report on Form 8-K to be filed by the company with the U.S. Securities and Exchange Commission (SEC) on or about Sept. 26, 2022. The offer and sale of the notes and the shares of common stock issuable upon conversion of the notes, if any, have not been registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction, and the notes and such shares may not be offered or sold absent registration with the SEC, or an applicable exemption from registration requirements, or in a transaction not subject to, such registration requirements. Fennec is relying upon the exemption set forth in Section 602.1 of the Toronto Stock Exchange 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 the Nasdaq Stock Market.

About Fennec Pharmaceuticals Inc.

Fennec Pharmaceuticals is a specialty pharmaceutical company focused on the development and commercialization of Pedmark for the prevention of platinum-induced ototoxicity in pediatric patients. Furthermore, Pedmark received FDA approval in September, 2022, and has received orphan drug designation in the U.S. Fennec has a licence agreement with Oregon Health and Science University (OHSU) for exclusive worldwide licence rights to intellectual property directed to sodium thiosulphate and its use for chemoprotection, including the prevention of ototoxicity induced by platinum chemotherapy, in humans.

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