Mr. Robert Andrade reports

FENNEC PHARMACEUTICALS ANNOUNCES PROPOSED OFFERING OF COMMON SHARES

Fennec Pharmaceuticals Inc. intends to offer and sell its common shares in an underwritten registered public offering. In addition, Fennec intends to grant the underwriters a 30-day option to purchase up to an additional 15 per cent of its common shares sold in the public offering.

Fennec intends to use the net proceeds of the proposed offering to repurchase and redeem certain indebtedness, and the remaining net proceeds, if any, for working capital and general corporate purposes.

Piper Sandler & Co. and Craig-Hallum Capital Group LLC are acting as the joint bookrunning managers for the proposed public offering.

The common shares are being offered by the company pursuant to a registration statement previously filed with and declared effective by the U.S. Securities and Exchange Commission (SEC). A preliminary prospectus supplement and an accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website. Copies of the preliminary prospectus supplement and the accompanying prospectus, when filed with the SEC, may also be obtained from Piper Sandler, attention: prospectus department, 350 North 5th St., Suite 1000, Minneapolis, Minn., 55401, by telephone at 800-747-3924 or by e-mail at prospectus@psc.com, and Craig-Hallum Capital, attention: equity capital markets, 323 North Washington Ave., Minneapolis, Minn., 55401, by telephone at 612-334-6300 or by e-mail at prospectus@chlm.com.

About Fennec Pharmaceuticals Inc.

Fennec Pharmaceuticals 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 U.S. Food and Drug Administration (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, to commercialize Pedmarqsi in Europe, the United Kingdom, Australia and New Zealand. Pedmarqsi is now commercially available in the U.K. and Germany.

Pedmark has received orphan drug exclusivity in the United States 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.

We seek Safe Harbor.