Fennec Pharmaceuticals Inc. completed an underwritten public offering of 5,366,667 common shares at $7.50 per share on November 17, 2025, generating approximately $40.25 million in gross proceeds. The offering included the full exercise of the underwriters’ option to purchase additional shares, a common feature of large equity issuances that can increase the total capital raised.
The company will use the proceeds to repay and redeem certain indebtedness, provide working capital, and support general corporate purposes. The capital infusion is intended to strengthen the balance sheet and provide liquidity for the commercial rollout of PEDMARK, the company’s FDA‑approved drug for reducing platinum‑induced ototoxicity in pediatric and adolescent‑young adult oncology patients. PEDMARK also holds European Commission approval, positioning Fennec to capture a growing market in those regions.
Prior to this public offering, Fennec had raised $5 million from Petrichor in August 2022 and completed a $30 million public offering in April 2020. In addition, the company closed a Canadian private offering of $5.025 million on November 18, 2025, the day after the public offering, which further bolstered its capital base. These prior financing events illustrate a consistent strategy of raising capital to support product commercialization and growth initiatives.
Financially, Fennec’s current ratio stands at 4.69, indicating strong short‑term liquidity. While the company has not yet achieved profitability, analysts project that it will reach profitability within the current year, supported by the robust pipeline and patent protection for PEDMARK through 2039. The infusion of capital will help the company maintain its cash runway while scaling commercial operations.
Strategically, the $40.25 million raise positions Fennec to accelerate PEDMARK’s market penetration in pediatric and AYA oncology, reduce debt exposure, and fund ongoing commercial activities. The additional liquidity also provides a buffer for future investments in research, regulatory milestones, and potential partnership opportunities, thereby enhancing the company’s long‑term growth prospects.
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