Mr. Robert Andrade reports

FENNEC PHARMACEUTICALS ANNOUNCES CLOSING OF PRIVATE OFFERING OF COMMON SHARES IN CANADA

Fennec Pharmaceuticals Inc. has closed its non-brokered offering of its common shares in Canada, at a price of $7.50 (U.S.) per share, with certain of its existing institutional shareholders, for aggregate gross proceeds of $5,025,000 (U.S.).

The offering was 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 has registered the common shares issued in the offering under the Securities Act of 1933, as amended, pursuant to a prospectus supplement and accompanying prospectus. As the offering was completed pursuant to the listed issuer financing exemption, the common shares issued pursuant to the offering are not subject to a hold period pursuant to applicable Canadian securities laws.

There is an offering document related to the offering that can be accessed under the company's profile at SEDAR+ and at the company's website. Prospective investors in the Canadian offering should read this offering document before making an investment decision.

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 Inc.

Fennec Pharmaceuticals 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, the United Kingdom, 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 United States and internationally.

We seek Safe Harbor.