Fennec receives net proceeds of $0.45 million from the exercise of warrants
Research Triangle Park, NC, May 4, 2015 – Fennec Pharmaceuticals, Inc. (TSX: FRX, OTCQB: FENCF), today reported that Southpoint Master Fund, LP (“Southpoint”), the Company’s largest shareholder with 36.6% of Fennec’s issued and outstanding shares has exercised 0.3 million warrants at a price of USD$1.50. Net proceeds from the exercise of the warrants are expected to be approximately USD$0.45 million to the Company. Further, 1.3 million warrants at a price of CAD$4.32 expired on April 30, 2015.
Updated Corporate Capital Structure
As of May 1, 2015, as a result of the aforementioned expiration and exercise of warrants, the Company’s new capital structure is as follows:
10.9 million shares outstanding.
0.1 million shares upon exercise at USD $1.50, warrants expire on March 29, 2016.
0.8 million shares upon exercise at CAD $4.32, warrants expire on March 29, 2016.
0.4 million shares upon exercise at USD $3.60, warrants expire on December 3, 2016.
1.3 million shares upon exercise at USD $1.50, warrants expire on November 22, 2018.
About Fennec Pharmaceuticals
Fennec Pharmaceuticals, Inc., is a specialty pharmaceutical company focused on the development of Sodium Thiosulfate (STS) 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.
Forward looking statements
Except for historical information described in this press release, all other statements are forward-looking. Forward-looking statements are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks that regulatory and guideline developments may change, scientific data may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, protection offered by the Company’s patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the Company’s products will not be as large as expected, the Company’s products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to fund further development and clinical studies, the Company may not meet its future capital requirements in different countries and municipalities, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2014. Fennec Pharmaceuticals, Inc. disclaims any obligation to update these forward-looking statements except as required by law.
For a more detailed discussion of related risk factors, please refer to our public filings available at www.sec.gov and www.sedar.com.
For further information, please contact:
Rosty Raykov
Chief Executive Officer
Fennec Pharmaceuticals Inc.
T: (919) 636-5144