Fennec gains as Maxim raises PT on hearing loss therapy's prospects

Fennec Pharmaceuticals

29/09/2022 16:17

** Shares of Fennec Pharmaceuticals Inc  FENC.O  up ~5% at
$7.85 as brokerage Maxim raises PT on stock to $15 from $10 
    ** Maxim cites approval of FENC's therapy, Pedmark, by U.S.
FDA last week and strengthened co balance sheet for the PT raise
    ** Brokerage expects commercial launch of therapy, for
preventing chemotherapy-induced hearing loss in children, in Q4
this year 
    ** Co's $14.9 mln cash at the end of Q2 and $20 mln
investment from Petrichor after the approval should be
sufficient for Pedmark's launch - Maxim
    ** Expects FENC could be potentially profitable in late 2023
to early 2024
    ** Adds that therapy's label, which mentions Pedmark's
non-substitutability with any other sodium thiosulfate product,
and its intellectual property should bolster commercialization
of the therapy
    ** Including session's gain, stock up ~78% YTD
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))