Fennec Pharmaceuticals Inc - FENC STOCK NEWS

Fennec Pharmaceuticals (NASDAQ:FENC; TSX: FRX) reported Q2 2024 financial results and provided a business update. Key highlights include:

- Total net revenues of $7.3 million for Q2 2024
- Appointment of Jeffrey S. Hackman as new CEO and Board member
- Cash position of approximately $43 million
- Net loss of $5.6 million ($0.20 per share)
- Selling and marketing expenses increased to $4.7 million
- General and administrative expenses rose to $6.9 million

The company is focusing on expanding its outreach to community oncology centers and the adolescent and young adult (AYA) population. The NCCN AYA Guidelines were updated, removing 'pediatric' specific wording, potentially broadening PEDMARK's patient population.

Fennec Pharmaceuticals Inc. (NASDAQ: FENC; TSX: FRX), a commercial stage specialty pharmaceutical company, has announced it will release its second quarter 2024 financial results and provide a business update on Tuesday, August 13, 2024, before the opening of U.S. financial markets. The company will host a conference call and webcast at 8:30 a.m. Eastern Time on the same day to discuss the results.

Interested parties can register for the conference call using a provided link, which will supply a dial-in number and unique PIN. A live webcast will also be available on the company's website. Additionally, Fennec has announced its participation in the 2024 Wedbush PacGrow Healthcare Conference, taking place August 13-14, 2024, in New York, NY.

Fennec Pharmaceuticals Inc. (NASDAQ: FENC; TSX: FRX) has appointed Jeffrey S. Hackman as its new Chief Executive Officer and Board member, effective August 16, 2024. Hackman brings over 30 years of commercial leadership experience, including 12 years in oncology across various companies. He has overseen more than 10 product launches and successfully commercialized products relevant to PEDMARK® markets.

PEDMARK® is the first and only approved treatment to reduce the risk of cisplatin-induced ototoxicity in pediatric cancer patients. Hackman's appointment aims to expand PEDMARK®'s use in community oncology and the adolescent and young adult (AYA) population. Rosty Raykov, the current CEO since 2009, will remain on the Board of Directors.

Fennec Pharmaceuticals (NASDAQ: FENC; TSX: FRX) announced the departure of Adrian Haigh from his role as Chief Operating Officer, effective June 30, 2024. Haigh, who joined the company in August 2023 after serving nine years as an independent director, played a pivotal role in business development and global commercial operations. During his tenure, Fennec secured an exclusive licensing agreement with Norgine to commercialize PEDMARQSI in Europe, Australia, and New Zealand. The company is now seeking a U.S.-based leader to drive its new commercial strategy focused on the community-treated AYA population. CEO Rosty Raykov highlighted the importance of this transition for the company's continued success in oncology product commercialization.

Fennec Pharmaceuticals announced the results of its Annual General Meeting of Shareholders held on June 25, 2024, in New York. The nominees listed in the April 29, 2024, management proxy circular were elected as directors, with high approval ratings. Notably, Dr. Khalid Islam received 96.45% of votes in favor, while Mr. Chris A. Rallis received 92.52%. Shareholders also voted 97.96% in favor of appointing Haskell & White LLP as auditors and 93.87% in favor of the executive compensation plan.

Fennec Pharmaceuticals (NASDAQ: FENC) reported its Q1 2024 financial results, revealing total net revenues of $25.4 million, driven by $18 million in licensing revenue from a new agreement with Norgine. The company executed an exclusive licensing deal with Norgine to commercialize PEDMARQSI™ in Europe, Australia, and New Zealand, receiving $43.2 million upfront, with potential total earnings of up to $230 million. PEDMARK product sales contributed $7.4 million. Cash and equivalents surged to $51.2 million from $13.3 million at the end of 2023. However, selling and marketing expenses rose to $5.2 million, and G&A expenses increased to $5.8 million. Net income reached $12.8 million, a significant turnaround from a $6.1 million loss in Q1 2023. An amended J-code for PEDMARK, effective April 1, 2024, specifies its non-interchangeability with other formulations.

Fennec Pharmaceuticals Inc. (NASDAQ: FENC; TSX: FRX) will release its first quarter 2024 financial results on May 14, 2024, before the opening of the U.S. financial markets. A conference call and webcast will be held to discuss the financial and business results on the same day. Details for the call and webcast are provided for registration and access.

Fennec Pharmaceuticals Inc. reported robust PEDMARK® sales in 2023, achieving $21.3 million in net product sales, with a significant licensing agreement for PEDMARQSI™ in Europe, Australia, and New Zealand. The company's pro forma cash balance exceeded $55 million, showcasing financial strength. Despite positive revenue growth, the company faced challenges with increased operating expenses and a net loss for the year.

Fennec Pharmaceuticals Inc. will release its full year and fourth quarter 2023 financial results on March 21, 2024. A conference call and webcast will follow to discuss the Company's financial and business performance.