Fennec Announces Proposed Public Offering of Common Shares
December 07 2017 - 03:01PM
Fennec Pharmaceuticals Inc. (NASDAQ:FENC) (TSX:FRX), a
biotechnology company focused on the development of
PEDMARK™ (a unique formulation of sodium thiosulfate (STS))
for the prevention of platinum-induced ototoxicity from cisplatin
in pediatric cancer patients, today announced that it intends to
offer its common shares in an underwritten public offering. In
addition, Fennec intends to grant the underwriters a 30-day option
to purchase up to an additional 15% of its common shares offered in
the public offering.
Wedbush PacGrow is acting as the sole book-running manager for
the proposed offering. H.C. Wainwright & Co. is acting as the
co-manager.
The common shares are being offered by the Company pursuant to a
registration statement previously filed with and declared effective
by the Securities and Exchange Commission (the “SEC”). The offering
will be made only by means of a prospectus. A preliminary
prospectus supplement and an accompanying prospectus relating to
the offering will be filed with the SEC and will be available on
the SEC’s website located at http://www.sec.gov. Copies of the
preliminary prospectus supplement and the accompanying prospectus,
when filed with the SEC, may also be obtained from Wedbush
Securities Inc., Two Embarcadero Center, Suite 600, San Francisco,
CA 94111, Attn: ECM Prospectus Department, by calling 415-274-6819,
or by email at Vinnie.Devone@wedbush.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, 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 registration or qualification under the securities laws of any
such state or jurisdiction. The securities will not be offered or
sold, directly or indirectly, in Canada or to any resident of
Canada.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. The offering is subject to market and other conditions and
there can be no assurance as to whether or when the offering may be
completed or as to the actual size or terms of the offering. These
forward-looking statements are subject to risks and uncertainties
that may cause the company’s actual activities or results to differ
materially from those expressed or implied in such forward-looking
statements, including risks and uncertainties described under the
heading “Risk Factors” in documents the company files from time to
time with the Securities and Exchange Commission. These
forward-looking statements speak only as of the date of this press
release, and the company undertakes no obligation to revise or
update any forward-looking statements to reflect events or
circumstances after the date hereof.
About PEDMARK™ (Sodium Thiosulfate
(STS))
Cisplatin and other platinum compounds are essential
chemotherapeutic components for many pediatric malignancies.
Unfortunately, platinum-based therapies cause ototoxicity in many
patients, and are particularly harmful to the survivors of
pediatric cancer.
In the U.S. and Europe there is estimated that over 7,000
children are diagnosed with low-to-intermediate risk cancers that
may receive platinum based chemotherapy. Low-to-intermediate
risk cancers that receive platinum agents may have overall survival
rates of greater than 80% further emphasizing the quality of life
after treatment. The incidence of hearing loss in these children
depends upon the dose and duration of chemotherapy, and many of
these children require lifelong hearing aids. There is currently no
established preventive agent for this hearing loss and only
expensive, technically difficult and sub-optimal cochlear (inner
ear) implants have been shown to provide some benefit. Infants and
young children at critical stages of development lack speech
language development and literacy, and older children and
adolescents lack social-emotional development and educational
achievement.
STS has been studied by cooperative groups in two Phase 3
clinical studies of survival and reduction of ototoxicity, The
Clinical Oncology Group Protocol ACCL0431 and SIOPEL 6. Both
studies are closed to recruitment. The COG ACCL0431 protocol
enrolled one of five childhood cancers typically treated with
intensive cisplatin therapy for localized and disseminated disease,
including newly diagnosed hepatoblastoma, germ cell tumor,
osteosarcoma, neuroblastoma, and medulloblastoma. SIOPEL 6
enrolled only hepatoblastoma patients with localized tumors.
About Fennec PharmaceuticalsFennec
Pharmaceuticals Inc., is a specialty pharmaceutical company focused
on the development of PEDMARK™ for the prevention of
platinum-induced ototoxicity in pediatric patients. STS has
received Orphan Drug Designation in the US in this setting. For
more information, please visit www.fennecpharma.com.
ContactRosty RaykovChief Executive
OfficerFennec Pharmaceuticals Inc.T: (919) 636-5144
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