Full Press Release Details
FENNEC ANNOUNCES SECOND CLOSING OF PRIVATE
Research Triangle Park, NC, May 16, 2016 - Fennec
Pharmaceuticals Inc. (TSX: FRX, OTCQB: FENCF) (the "Company" or "Fennec"), a specialty pharmaceutical
company focused on the development of Sodium Thiosulfate (STS) for the prevention of platinum-induced chemotherapy ototoxicity
in pediatric patients, announced today that it has completed the second closing of the previously announced non-brokered US$5,000,000
private placement (the "Offering"). On the second closing, Essetifin SpA (formerly Sigma Tau Finanziaria SpA)
acquired 1,538,751 common shares for gross proceeds of US$2,923,626.90. Together with the 1,092,828 common shares issued to it
on the first closing, Essetifin SpA now holds 2,631,579 common shares, which represents 19.30% of the Company's issued and
outstanding shares, and has become an insider of the Company, as that term is defined in applicable
Canadian securities laws. Total gross proceeds of the Offering
were US$5,000,000 and all shares were issued at a price of US$1.90 per Share. The current number of outstanding Shares, after giving
effect to the Offering, is 13,638,567.
About Essetifin SpA (formerly Sigma
Tau Finanziaria SpA)
Essetifin SpA (formerly Sigma Tau Finanziaria
SpA) is an investment holding company with recognized experience in the rare diseases sector, employing approximately 200 people
in its subsidiaries in the UK, the US, Switzerland and Germany and achieving around 60% of its turnover in the United States and
40% in the rest of the world.
Its product portfolio includes:
Treatments of Metabolic and Genetic
Chenodeoxycholic acid
Carnitor in North America only
In addition, the further development
of the business can count on a pipeline of life cycle management of the above products and a number of R&D innovative
technological platforms (ST-206 probiotic indicated for neonatal pathologies and heparanase inhibitors in multiple myeloma
and other indications).
In addition to the commitment in the
treatment and in the care of rare diseases, Essetifin SpA holds qualified equity investments in listed and unlisted companies in
the traditional pharmaceutical sector and in the rare diseases sector.
About Fennec Pharmaceuticals
Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development of Sodium Thiosulfate (STS) for the prevention
of platinum-induced chemotherapy 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 Statement Disclaimer
Except for historical information described
in this press release, all other statements are forward-looking, including statements or assumptions about regulatory approvals,
anticipated use of proceeds and any other statements regarding the Company's objectives (and strategies to achieve such objectives),
future expectations, beliefs, goals or prospects. Forward-looking statements are subject to certain risks and uncertainties inherent
in the Company's business that could cause actual results to vary, including that regulatory and guideline developments may
change; that scientific data may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or
approvals; that clinical results may not be replicated in actual patient settings; that protection offered by the Company's
patents and patent applications may be challenged, invalidated or circumvented by its competitors; that the available market for
the Company's products will not be as large as expected; that the Company's products will not be able to penetrate
one or more targeted markets; that revenues will not be sufficient to fund further development and clinical studies; that 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, 2015. Fennec Pharmaceuticals Inc. disclaims any obligation to update these forward-looking statements except
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:
Chief Executive Officer
Fennec Pharmaceuticals Inc.