FENNEC PHARMACEUTICALS ANNOUNCES FULL DEBT REDEMPTION Research Triangle Park, NC

FENNEC PHARMACEUTICALS ANNOUNCES FULL DEBT REDEMPTION

Research Triangle Park, NC, November 19, 2025 - Fennec

Pharmaceuticals Inc. (NASDAQ:FENC) (TSX:FRX) ("Fennec" or the "Company"), a specialty pharmaceutical company,

today announced it has repurchased and redeemed all of Fennec's outstanding convertible notes issued to Petrichor Opportunities

Fund I LP and Petrichor Opportunities Fund I Intermediate LP using proceeds from the closing of the Company's previously announced

underwritten public offering in the United States and concurrent private placement in Canada, closed on November 17 and 18, 2025,

respectively. The Company has no outstanding debt after the redemption of Petrichor's convertible notes.

The aggregate repurchase and redemption price of the Petrichor notes

was $21,729,455.30 (consisting of: $19,476,655.48 in outstanding principal, $305,134.27 in accrued interest, and a $1,947,665.55 redemption

fee). Before the repurchase and redemption, the Petrichor notes bore interest at a rate equal to the prime rate, as published in The Wall

Street Journal, with a floor of 3.5%, plus an applicable margin rate of 4.5% and, prior to our agreement with Petrichor to repurchase

and redeem the Petrichor Notes, were set to mature on August 19, 2027.

About Fennec Pharmaceuticals

Fennec Pharmaceuticals Inc. is a specialty pharmaceutical company committed

to the fight against ototoxicity in cancer patients who receive cisplatin-based chemotherapy. Fennec is focused on the commercialization

of PEDMARK to reduce the risk of platinum-induced ototoxicity in cancer patients. PEDMARK received FDA

approval in September 2022 and European Commission approval in June 2023 and United Kingdom (U.K.) approval in October 2023

under the brand name PEDMARQSI .

In March 2024, Fennec entered into an exclusive licensing agreement

under which Norgine Pharmaceuticals Ltd., a leading European specialist pharmaceutical company, will commercialize PEDMARQSI

in Europe, U.K., Australia and New Zealand. PEDMARQSI is now commercially available in the U.K. and Germany.

PEDMARK has received Orphan Drug Exclusivity in the

U.S. and PEDMARQSI has received Pediatric Use Marketing Authorization in Europe which includes eight years plus two years

of data and market protection. Further, Fennec has patents providing protection for PEDMARK until 2039 in both the U.S.

and internationally.

Forward Looking Statements

Except for historical information described in this press release,

all other statements are forward-looking. Words such as "believe," "anticipate," "plan," "expect,"

"estimate," "intend," "may," "will," or the negative of those terms, and similar expressions,

are intended to identify forward-looking statements. Forward-looking statements are subject to certain risks and uncertainties inherent

in the Company's business that could cause actual results to vary, including the risks and uncertainties that regulatory and guideline

developments may change, scientific data and/or manufacturing capabilities 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, unforeseen global instability,

including political instability, or instability from an outbreak of pandemic or contagious disease, such as the novel coronavirus (COVID-19),

or surrounding the duration and severity of an outbreak, 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's ability to obtain necessary capital when needed on acceptable terms

or at all, and other risks detailed from time to time in the Company's filings with the SEC including its Annual Report on Form 10-K

for the year ended December 31, 2024. Fennec disclaims any obligation to update these forward-looking statements except as required

For a more detailed discussion of related risk factors, please refer

to our public filings available at www.sec.gov and www.sedar.com.

PEDMARK , PEDMARQSI and Fennec

are registered trademarks of Fennec Pharmaceuticals Inc.

For further information, please contact:

Chief Financial Officer

Fennec Pharmaceuticals Inc.

Corporate and Media:

Elixir Health Public Relations