DURHAM — Fennec Pharmaceuticals, a Durham-based pharmaceutical company, reported a net loss of $2.7 million or 14 cents a share for the third quarter of 2018, slightly larger than the $2.5 million loss posted at this time last year.

Fennec CEO Rosty Raykov said the company is also making progress in the U.S. and E.U. regulatory submissions for its trademark drug, Pedmark, which aims to reduce the incidence of hearing loss in some survivors of pediatric cancer.

“In August, our pediatric investigation plan received a positive opinion from the EMA which establishes a path forward for Pedmark in Europe with up to 10 years of data protection,” Raykov said in a statement.


Raykov also said that Pedmark was mentioned in a drug development meeting focused on chemotherapy-induced hearing loss in pediatrics that was held for the FDA in September.

“For the remainder of the year, we will continue to advance our regulatory submissions with a targeted US approval in the second half of 2019,” Raykov said.

The company’s research and development expenses of $1.8 million and general and administrative expenses of $1.1 million contributed to their $2.7 million net loss.

Fennec also reported cash and cash equivalents of $24.5 million, a drop from its $28.3 million in the third quarter of 2017.

Despite the lower cash balance, the company said it believes its cash and cash equivalents on hand as of the end of the third quarter are enough to fund its planned commercial launch of Pedmark if it’s approved as expected in the second half of 2019.

This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism.