RESEARCH TRIANGLE PARK – Fennec Pharmaceuticals has raised some $30 million through a stock offering and says it plans to use the funds to help secure regulatory approval and launch for its lead drug candidate.
Its Pedmark therapy intended to help children with hearing loss as a result of platinum-based chemotherapy. There is currently no preventative measure for this type of hearing loss.
“Fennec plans to use the net proceeds from this offering for obtaining regulatory approvals, the commercial launch of Pedmark, if approved, and working capital and general corporate purpose,” the company said.
Fennec stock trades under the symbol FENC. Some 4.8 million shares were offered at $6.25. each. Underwriters were offered the option to purchase another 720,000 shares.
