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Fennec prices $20M common stock offering

Fennec Pharmaceuticals Inc. priced its underwritten public offering of 2,352,950 common shares at $8.50 per share for expected gross proceeds of about $20 million.

The company has also granted the underwriters an option to buy up to an additional 352,942 common shares.

Fennec plans to use the net proceeds for obtaining regulatory approvals, the potential launch of Pedmark, as well as working capital and general corporate purposes.

The offering is expected to close Dec. 12, subject to customary closing conditions.

Wedbush PacGrow is acting as the sole book-running manager and H.C. Wainwright & Co. is acting as the co-manager for the offering.