- Fennec Pharmaceuticals (FRX) has closed the second US$20 million investment from Petrichor Healthcare Capital Management
- On September 20, the FDA approved the company’s New Drug Application (NDA) for PEDMARK
- Fennec may draw up to $20 million of additional financing under the investment agreement
- Fennec Pharmaceuticals is a specialty pharmaceutical company focused on the development of PEDMARK™ for the prevention of platinum-induced ototoxicity in pediatric patients
- Fennec Pharmaceuticals (FRX) opened trading at C$10.54
Fennec Pharmaceuticals (FRX) has completed the second closing of US$20 million of senior secured promissory notes under Petrichor Healthcare Capital Management.
Under the terms of the previously announced investment agreement with Petrichor Healthcare Capital Management, the second closing of $20 million was to be funded upon the U.S. Food and Drug Administration (FDA) approval of PEDMARK (sodium thiosulfate injection) by September 30, 2022. On September 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.
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.
Cisplatin and other platinum compounds are essential chemotherapeutic agents for many pediatric malignancies.
Fennec Pharmaceuticals is a specialty pharmaceutical company focused on the development of PEDMARK™ for the prevention of platinum-induced ototoxicity in pediatric patients.
Petrichor Healthcare Capital Management partners with world-class healthcare managers and businesses to provide customized investment structures and support.
Fennec Pharmaceuticals (FRX) opened trading at C$10.54.