Mr. Robert Andrade reports

FENNEC PHARMACEUTICALS ANNOUNCES CLOSING OF OFFERING OF COMMON SHARES

Fennec Pharmaceuticals Inc. has closed its underwritten registered public offering of 5,366,667 common shares (which amount includes exercise in full of the underwriters option to purchase additional common shares) at a public offering price of $7.50 per share. Fennec's total gross proceeds from the offering (before deducting the underwriting discounts and offering expenses) are approximately $40.25-million.

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

Piper Sandler & Co. and Craig-Hallum Capital Group LLC acted as the joint book-running managers for the offering. H.C. Wainwright & Co. acted as lead manager and Stephens Inc. acted as co-manager for the offering.

The offering was conducted pursuant to a registration statement previously filed with and declared effective by the Securities and Exchange Commission. A final prospectus supplement and an accompanying prospectus relating to the offering were filed with the SEC and are available on the SEC's website. Copies of the final prospectus supplement and the accompanying prospectus 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 Group, 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 Food and Drug Administration approval in September, 2022, European Commission approval in June, 2023, and United Kingdom 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 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.