 FDA Set a PDUFA Target Action Date for PEDMARKTM of August 10, 2020 Strong Financial Position with 38.7 million in cash and no debt RESEARCH TRIANGLE PARK, N.C., Aug. 05, 2020 GLOBE NEWSWIRE -- Fennec Pharmaceuticals Inc. NASDAQ:FENC; TSX: FRX, a specialty pharmaceutical company focused on the development of PEDMARKTM a unique formulation of sodium thiosulfate for the prevention of platinum-induced ototoxicity in pediatric patients, today reported its financial results for the second quarter ended June 30, 2020 and provided a business update.We continue to work with the FDA as a part of their review process in advance of the pending PEDMARKTM PDUFA date of August 10, said Rosty Raykov, chief executive officer of Fennec Pharmaceuticals. Our organization and commercial team have been actively preparing for launch readiness, and, as we await the FDAs decision, we believe that we are well positioned to commercialize PEDMARK, if approved, during the third quarter of 2020.Financial Results for the First Quarter 2020 Cash Position Cash and cash equivalents were 38.7 million as of June 30, 2020. The increase in cash balance is the result of the Company raising approximately 32 million in net proceeds through a public offering in May 2020. This increase in cash balance was offset by cash used for operating activities including regulatory submissions of PEDMARKTM and expenses associated with commercial and operational launch preparation. As of June 30, 2020, the Company has no funded debt. Research and Development RD Expenses RD expenses were 1.1 million for the second quarter ended June 30, 2020, compared to 2.0 million for the same period in 2019. The Company has completed most of the activities needed for regulatory approval of PEDMARKTM and a significant amount of its activities are now focused on commercialization readiness in preparation for the potential launch of PEDMARKTM. General and Administrative GA Expenses GA expenses for the second quarter ended June 30, 2020, increased by 0.9 million over the same period in 2019, reflecting the Companys focus on commercializing PEDMARKTM. The increase in GA during the quarter was primarily due to commercialization readiness activities and increased headcount which was partially offset by reduced non-cash equity compensation. Net Loss Net loss for the quarter ended June 30, 2020 was 4.8 million 0.21 per share, compared to 4.7 million 0.24 per share for the same period in 2019.Financial Update The selected financial data presented below are derived from our unaudited condensed consolidated financial statements, which were prepared in accordance with U.S. generally accepted accounting principles. The complete unaudited condensed consolidated financial statements for the period ended June 30, 2020 and managements discussion and analysis of financial condition and results of operations will be available via and All values are presented in thousands unless otherwise noted.Unaudited Condensed Consolidated Statements of Operations: U.S. Dollars in thousands except per share amounts Three Months Ended June 30, June 30, 2020 2019 Revenue- - Operating expenses: Research and development 1,121 1,969 General and administrative 3,724 2,844 Loss from operations 4,845 4,813 Other expenseincome Amortization expense 30 17 Other loss 13 10 Net interest income 17 110 Total other income, net - 83 Net loss4,845 4,730 Basic net loss per common share0.21 0.24 Diluted net loss per common share0.21 0.24 Fennec Pharmaceuticals Inc. Balance Sheets U.S. Dollars in thousands Unaudited June 30, 2020 Audited December 31, 2019 Assets Cash and cash equivalents38,729 13,650 Other current assets 170 234 Non-current assets, net 417 262 Total Assets39,316 14,146 Liabilities and stockholders equity Current liabilities3,190 2,271 Total stockholders equity 36,126 11,875 Total liabilities and stockholders equity 39,316 14,146 Working Capital Fiscal Year Ended Selected Asset and Liability Data: June 30, 2020 December 31, 2019 U.S. Dollars in thousands Cash and cash equivalents 38,729 13,650 Other current assets 170 234 Current liabilities 3,190 2,271 Working capital 35,709 11,613 Selected Equity: Common stock APIC 187,585 154,663 Accumulated deficit 152,702 144,031 Stockholders equity 36,126 11,875 About PEDMARKTM Cisplatin and other platinum compounds are essential chemotherapeutic agents for many pediatric malignancies. Unfortunately, platinum-based therapies cause ototoxicity, or hearing loss, which is permanent, irreversible and particularly harmful to the survivors of pediatric cancer.In the U.S. and Europe, it is estimated that, annually, over 10,000 children may receive platinum-based chemotherapy. The incidence of ototoxicity depends upon the dose and duration of chemotherapy, and many of these children require lifelong hearing aids. There is currently no established preventive agent for this hearing loss and only expensive, technically difficult and sub-optimal cochlear inner ear implants have been shown to provide some benefit. Infants and young children that suffer ototoxicity at critical stages of development lack speech language development and literacy, and older children and adolescents lack social-emotional development and educational achievement.PEDMARK has been studied by cooperative groups in two Phase 3 clinical studies of survival and reduction of ototoxicity, The Clinical Oncology Group Protocol ACCL0431 and SIOPEL 6. Both studies have been completed. The COG ACCL0431 protocol enrolled one of five childhood cancers typically treated with intensive cisplatin therapy for localized and disseminated disease, including newly diagnosed hepatoblastoma, germ cell tumor, osteosarcoma, neuroblastoma, and medulloblastoma. SIOPEL 6 enrolled only hepatoblastoma patients with localized tumors.The FDA has accepted for filing the Companys New Drug Application NDA for PEDMARKTM and has granted Priority Review. The Marketing Authorization Application MAA for sodium thiosulfate tradename to be determined is currently under evaluation by the European Medicines Agency EMA. PEDMARK has received Breakthrough Therapy and Fast Track Designation by the FDA in March 2018, and a Prescription Drug User Fee Act PDUFA Target Action Date of August 10, 2020About Fennec PharmaceuticalsFennec Pharmaceuticals Inc. is a specialty pharmaceutical company focused on the development of PEDMARKTM for the prevention of platinum-induced ototoxicity in pediatric patients. Further, PEDMARK has received Orphan Drug Designation in the U.S. for this potential use. Fennec has a license agreement with Oregon Health and Science University OHSU for exclusive worldwide license rights to intellectual property directed to sodium thiosulfate and its use for chemoprotection, including the prevention of ototoxicity induced by platinum chemotherapy, in humans. For more information, please visit Looking StatementsExcept for historical information described in this press release, all other statements are forward-looking. Forward-looking statements are subject to certain risks and uncertainties inherent in the Companys business that could cause actual results to vary, including such risks as unforeseen global instability, including political instability, or instability from an outbreak of pandemic or contagious disease, such as the novel coronavirus COVID-19, or surrounding the duration and severity of an outbreak, that regulatory and guideline developments may change, scientific data may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, protection offered by the Companys patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the Companys product will not be as large as expected, the Companys product will not be able to penetrate one or more targeted markets, revenues will not be sufficient to fund further development and clinical studies, the Company may not meet its future capital requirements in different countries and municipalities, and other risks detailed from time to time in the Companys filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2019. Fennec Pharmaceuticals, Inc. disclaims any obligation to update these forward-looking statements except as required by law.For a more detailed discussion of related risk factors, please refer to our public filings available at and further information, please contact:Investors:Rosty Raykov Chief Executive Officer Fennec Pharmaceuticals Inc. 919 636-5144Media:Elixir Health Public Relations Lindsay Rocco 862 596-1304 