Welcome to our dedicated page for Fennec Pharmaceuticals news (Ticker: FENC), a resource for investors and traders seeking the latest updates and insights on Fennec Pharmaceuticals stock.
Fennec Pharmaceuticals Inc. (NASDAQ: FENC) is a commercial-stage biopharmaceutical company dedicated to developing innovative therapies for the treatment of cancer. Based in Research Triangle Park, North Carolina, Fennec Pharmaceuticals has a significant focus on addressing unmet medical needs in pediatric oncology.
The company’s lead product, PEDMARK, is a novel formulation of sodium thiosulfate designed to prevent cisplatin-induced hearing loss (ototoxicity) in children. Cisplatin is a chemotherapy drug that, while effective, can cause irreversible hearing damage in pediatric patients. PEDMARK has successfully completed Phase III clinical trials and received FDA approval, making it the first and only therapy indicated to reduce the risk of ototoxicity in pediatric patients aged 1 month and older with localized, non-metastatic solid tumors.
Fennec Pharmaceuticals was originally founded as Adherex Technologies Inc. in 1996 and underwent a name change to its current identity in September 2014. The company has recently announced a series of significant developments, including:
- Hosting quarterly conference calls to discuss financial results and business outlooks.
- Entering an exclusive licensing agreement with Norgine to commercialize PEDMARQSI® (the European branding of PEDMARK) in Europe, Australia, and New Zealand. Under this partnership, Fennec will receive up to €250 million in milestone payments and royalties.
- Receiving EU marketing authorization for PEDMARQSI in June 2023 and UK approval in October 2023.
These strategic moves demonstrate Fennec's commitment to expanding its reach and impact in the global market. The company continues to work diligently to ensure that its life-saving therapies are accessible to as many patients as possible. The operational and financial strength of Fennec Pharmaceuticals, coupled with its pioneering product, positions the company as a significant player in the biopharmaceutical industry.
For the latest updates, investors and stakeholders can access conference call information, news releases, and financial reports on the company’s website. Fennec's investor relations team, led by CFO Robert Andrade, is available for any inquiries.
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.
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