- Fennec Pharma (TSX:FRX) has announced its results from the first quarter of 2020
- The company posted a net loss of approximately C$5.36 million, an increase in losses of around $1.69 million against 2019’s first quarter
- The company is attempting to bring its drug PEDMARK, which combats hearing loss in chemotherapy patients
- Fennec maintains a bank balance of approximately $13.96 million
- Fennec Pharmaceuticals (FRX) is down 5.9 per cent, with shares trading at $9.88 and a market cap of $250 million
Fennec Pharma (TSX:FRX) has reported a net loss of approximately C$5.36 million for 2020’s first quarter.
This is compared to a net loss of around $3.67 million in 2019’s same quarter.
The company is in the midst of bringing its PEDMARK drug to market, which aims to prevent hearing loss in chemotherapy patients.
Fennec maintains a bank balance of around $13.96 million as of March 31.
The company has a capital raise during the first quarter, due to the need for operational cash to pay regulatory expenses, as it works towards getting its PEDMARK drug launched.
The raise amounted to approximately $45.13 million in net proceeds, and the company is maintaining its zero-debt model.
The company stated it has completed a significant part of the activities needed for regulatory approval of PEDMARK during this quarter.
Fennec’s R&D expenses were slightly lower than 2019, coming in at approximately $1.97 million overall as opposed to around $2.40 million in 2019.
General expenses for the quarter increased by approximately $1.97 million, as the company focused on the commercialization process of PEDMARK.
CEO of Fennec Pharmaceuticals, Rosty Raykov said the company had strong momentum moving into and throughout the early part of 2020.
“Following the recent announcement of regulatory submission in the U.S. in February, we were pleased to have been granted Priority Review and a PDUFA date of August 10, 2020.
“Further, we continue to make progress on our commercial readiness plan in preparation for the potential launch of PEDMARK, if approved, in the second half of 2020.
“Finally, we significantly strengthened our balance sheet with an over-subscribed follow-on public offering that will allow us to support the commercial launch of PEDMARK and the potential growth period ahead,” he said.
Fennec Pharmaceuticals (FRX) is down 5.9 per cent, with shares trading for $9.88 at 10:16am EDT.
