Fennec Announces Closing of Public Offering
December 12 2017 - 3:01PM
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 the closing of its
previously announced underwritten public offering of 2,352,950
common shares at a public offering price of $8.50 per share. In
addition, Fennec issued an additional 135,670 common shares in
connection with the partial exercise of the underwriters’
over-allotment option. The total gross proceeds from the offering
(before deducting the underwriting discounts and offering expenses)
was $21,153,270.
Wedbush PacGrow acted as the sole book-running manager for the
offering. H.C. Wainwright & Co. acted as the co-manager.
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.
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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