RESEARCH TRIANGLE PARK – Fennec Pharmaceuticals Inc., a specialty pharmaceutical company based in Research Triangle Park, has closed an additional $20 million in funding following the initial close of $5 million in August.
The additional infusion of investment capital came from Petrichor Healthcare Capital Management, as did the first $5 million closed on August 19, 2022, following an agreement between the two entities.
According to a statement, the additional $20 million capital infusion was contingent upon the company’s sodium thiosulfate injection known as PEDMARK® receiving approval from the U.S. Food and Drug Administration (FDA), and additional undisclosed conditions.
But that approval from the FDA came on September 20, and the capital has now flowed into the company.
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And, according to the statement released by Fennec, with mutual agreement, the company could draw up to an additional $20 million of financing under the initial investment agreement.
The company statement noted that it will disclose additional information when releasing a report on current activity in a forthcoming securities filing with the Securities and Exchange Commission.
The publicly-traded company raised $30 million in a stock offering in May 2020.
