On December 5, 2023 Fennec Pharmaceuticals Inc. (NASDAQ: FENC; TSX: FRX), a commercial stage specialty pharmaceutical company focused on improving the lives of children with cancer, reported the third closing of $5 million senior secured promissory notes under the existing agreement with Petrichor (Press release, Fennec Pharmaceuticals, DEC 5, 2023, View Source [SID1234638192]). The original investment agreement provided access to up to $20 million of additional financing through December 31, 2023. As part of this closing, Fennec and Petrichor have amended the agreement to provide access to up to $15 million of additional financing through December 31, 2024.
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"We appreciate Petrichor’s continued support of Fennec and our efforts to grow the use of PEDMARK within the global pediatric cancer community," said Rosty Raykov, Chief Executive Officer of Fennec. "PEDMARK is the only approved therapy for reducing the risk of hearing loss that sadly occurs in far too many pediatric cancer patients who receive treatment with platinum-based chemotherapy. We are encouraged by the feedback that we are receiving from providers and patient families during our first full year on market in the U.S., as we continue our efforts to increase awareness and access to PEDMARK."
Petrichor Partner Michael Beecham commented, "We are proud to support the Fennec team as they make the families and providers to pediatric cancer patients aware of the benefits of PEDMARK. Survivors of pediatric cancer should not have to additionally suffer treatment-induced hearing loss in cases where it can be safely avoided. We believe the commercial potential for PEDMARK is significant, as is its potential to improve the lives of young cancer patients."
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 (the "SEC") on or about December 5, 2023. 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 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.
No regulatory authority has either approved or disapproved the contents of this press release. This press release is neither an offer to sell nor a solicitation of an offer to buy the notes or the shares of common stock issuable upon conversion of the notes, if any, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.