Mr. Robert Andrade reports

FENNEC PHARMACEUTICALS ANNOUNCES COMPLETION OF FULL DEBT REDEMPTION

Fennec Pharmaceuticals Inc. has repurchased and redeemed all of Fennec's outstanding convertible notes issued to Petrichor Opportunities Fund I LP and Petrichor Opportunities Fund I Intermediate LP using proceeds from the closing of the company's previously announced underwritten public offering in the United States and concurrent private placement in Canada, closed on Nov. 17 and Nov. 18, 2025, respectively. The company has no outstanding debt after the redemption of Petrichor's convertible notes.

The aggregate repurchase and redemption price of the Petrichor notes was $21,729,455.30 (consisting of: $19,476,655.48 in outstanding principal, $305,134.27 in accrued interest and a $1,947,665.55 redemption fee). Before the repurchase and redemption, the Petrichor notes bore interest at a rate equal to the prime rate, as published in The Wall Street Journal, with a floor of 3.5 per cent, plus an applicable margin rate of 4.5 per cent and, prior to the company's agreement with Petrichor to repurchase and redeem the Petrichor notes, were set to mature on Aug. 19, 2027.

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 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, will 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 U.S. 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 United States and internationally.

We seek Safe Harbor.