~ Achieved Second Quarter 2024 Total Net Revenues of $7.3 Million ~ ~ Appointed Jeffrey S. Hackman as Chief Executive Officer (CEO) and Member of the Board of Directors ~ ~ Company Has Approximately $43 Million in Cash, Cash Equivalents, and Investment Securities ~ ~ Management to Host Conference Call Today at 8:30 a.m. ET ~ RESEARCH TRIANGLE PARK, N.C., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Fennec Pharmaceuticals Inc. (NASDAQ:FENC, TSX:FRX), a specialty pharmaceutical company, today reported its financial results for the second quarter ended June 30, 2024, and provided a business update. "We continued to execute well in the second quarter and are encouraged by the early third quarter momentum of PEDMARK® within the community oncology and the adolescent and young adult (AYA) population," said Jeff Hackman, chief executive officer of Fennec Pharmaceuticals. "I am excited to join Fennec and take on the challenge of guiding the Company towards greater commercial success. We will focus on expanding our initial outreach to community oncology centers and the adolescent and young adult (AYA) population, who can greatly benefit from our treatments. By reaching more patients in these critical areas, I am confident that we can drive growth and make a significant impact in improving patient outcomes." Recent Developments and Highlights: Appointed Jeffery Hackman as Fennec's New CEO and Board Member: Jeff has been appointed as the new Chief Executive Officer and a member of the Board of Directors. With a passion for patients and a track record of success, Jeff is poised to make an immediate impact by driving Fennec's strategic direction and leading the Company into its next exciting phase of growth. Rosty Raykov will continue to contribute as a member of the Board of Directors.  NCCN AYA Guidelines Updated: The NCCN Adolescent and Young Adult (AYA) Guidelines have been modified to remove "pediatric" specific wording. This change is instrumental in solidifying PEDMARK's position for access to a broader patient population to prevent ototoxicity, both with payers and providers.  Participation in Key Scientific Meetings: During the second quarter, Fennec actively participated in key regional and national scientific meetings, including the American Society of Clinical Oncology (ASCO), the Advanced Practice Providers Oncology Summit (APPOS), and the Oncology Nursing Society (ONS) annual meetings. These engagements underscore our commitment to advancing oncology care and fostering strong relationships within the healthcare community. Financial Results for the Second Quarter 2024 Net Sales – The Company recorded net product sales of $7.3 million for the three-month period ended June 30, 2024, compared to $3.3 million in net sales for the same period in 2023. Cash Position – Cash and cash equivalents were $43.1 million on June 30, 2024. The increase in cash and cash equivalents between June 30, 2024, and December 31, 2023, is the result of approximately $43 million from the Norgine transaction and cash inflows from net sales offset by cash outlays for operating expenses related to the promotion of our product, selling and marketing expenses and general and administrative expenses. We anticipate that our cash, cash equivalents and investment securities as of June 30, 2024 will be sufficient to fund our planned operations for at least the next twelve months Selling and Marketing Expenses –The Company recorded $4.7 million in selling and marketing expenses for the period ended June 30, 2024, compared to $2.3 million for the same period in 2023. The increase is largely related to additional selling and marketing expenses as the Company expanded its focus in the AYA and community oncology population during 2024. General and Administrative (G&A) Expenses – G&A expenses increased by $1.4 million over the same period in 2023 to $6.9 million. There was an increase in consulting, and professional costs related to European pre-commercialization related expenses in the 2024 period over the comparable period. European related expenses are expected to wind down after Q2 2024 with the announcement of the Norgine transaction in March 2024. Net Earnings – Net loss for the quarter ended June 30, 2024 was $5.6 million (basic and diluted loss of $0.20 per share) compared to a net loss of $5.4 million (basic and diluted loss of $0.21 per share) for the same period in 2023. Q2 2024 Conference Call Information Date: Tuesday, August 13, 2024 Time: 8:30 a.m. ET Link: https://register.vevent.com/register/BI59b5706a6c00453a9eed343d4a210de9     To access the conference call, please register using https://register.vevent.com/register/BI59b5706a6c00453a9eed343d4a210de9. Upon registration, a dial-in number and unique PIN will be provided to join the call. To access the live webcast link, log onto www.fennepharma.com and proceed to the News & Events / Event Calendar page under the Investors & Media heading. Please connect to the company's website at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to listen to the webcast. A webcast replay of the conference call will also be archived on www.fennecpharma.com for thirty days. Financial Update The selected financial data presented below is 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, 2024 and management's discussion and analysis of financial condition and results of operations will be available via www.sec.gov and www.sedar.com. All values are presented in thousands unless otherwise noted.   Unaudited Condensed Consolidated Statements of Operations: (U.S. Dollars in thousands except share and per share amounts)               Three Months Ended   June 30,    June 30,    2024   2023             Revenue           PEDMARK product sales, net $ 7,262     $ 3,325   Licensing revenue   —       —   Total revenue   7,262       3,325               Operating expenses:           Cost of products sold   608       148   Research and development   157       8   Selling and marketing   4,672       2,340   General and administrative   6,864       5,495               Total operating expenses   12,301       7,991   Loss from operations   (5,039 )     (4,666 )             Other (expense)/income           Unrealized foreign exchange (loss) /gain   (17 )     5   Amortization expense   (23 )     (73 ) Unrealized loss on securities   —       —   Interest income   570       115   Interest expense   (1,044 )     (825 ) Total other expense   (514