Fennec secures up to $45M from Petrichor; $5M now, $20M on FDA approval of PEDMARK

FENNEC PHARMACEUTICALS INC.

Petrichor invests $5M in convertible notes at $8.11/share; $20M additional due upon FDA approval of PEDMARK by Sep 30, 2022.
Notes: US Prime +4.5% interest, 3.5% PIK for 24 months, maturity Aug 1, 2027; company will repay Bridge Bank debt.
Potential $20M more available before Dec 31, 2023; funds support PEDMARK launch for cisplatin-induced ototoxicity.
PEDMARK PDUFA target action date is Sep 23, 2022; first FDA-approved therapy to reduce ototoxicity risk.

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