Mr. Rosty Raykov reports

FENNEC ANNOUNCES INCREMENTAL $5 MILLION INVESTMENT FROM PETRICHOR

Fennec Pharmaceuticals Inc. has completed the third closing of $5-million senior secured promissory notes under the existing agreement with Petrichor. The original investment agreement provided access to up to $20-million of additional financing through Dec. 31, 2023. As part of this closing, Fennec and Petrichor have amended the agreement to provide access to up to $15-million of additional financing through Dec. 31, 2024.

"We appreciate Petrichor's continued support of Fennec and our efforts to grow the use of Pedmark within the global pediatric cancer community," said Rosty Raykov, chief executive officer of Fennec. "Pedmark is the only approved therapy for reducing the risk of hearing loss that sadly occurs in far too many pediatric cancer patients who receive treatment with platinum-based chemotherapy. We are encouraged by the feedback that we are receiving from providers and patient families during our first full year on market in the U.S., as we continue our efforts to increase awareness and access to Pedmark."

Petrichor partner Michael Beecham commented: "We are proud to support the Fennec team as they make the families and providers to pediatric cancer patients aware of the benefits of Pedmark. Survivors of pediatric cancer should not have to additionally suffer treatment-induced hearing loss in cases where it can be safely avoided. We believe the commercial potential for Pedmark is significant, as is its potential to improve the lives of young cancer patients."

Further information concerning the investment agreement will be set forth in the current report on Form 8-K to be filed by the company with the U.S. Securities and Exchange Commission (the SEC) on or about Dec. 5, 2023. Fennec is relying upon the exemption set forth in Section 602.1 of the Toronto Stock Exchange company manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as Nasdaq.

About Fennec Pharmaceuticals Inc.

Fennec Pharmaceuticals is a commercial-stage specialty pharmaceutical company focused on improving the lives of children with cancer. Fennec is commercializing Pedmark and Pedmarqsi to reduce the risk of platinum-induced ototoxicity in pediatric patients. Further, Pedmark received Food and Drug Administration approval in September, 2022, and European Commission Marketing Authorization in June, 2023, for Pedmarqsi. Pedmark has received orphan drug exclusivity in the United States for seven years of market protection and Pedmarqsi has received pediatric use marketing authorization in Europe which includes eight years plus two years of data and market protection. Fennec has a licence agreement with Oregon Health and Science University (OHSU) for exclusive worldwide licence rights to intellectual property directed to sodium thiosulphate and its use for chemoprotection, including the reduction of risk of ototoxicity induced by platinum chemotherapy, in humans.

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