07:07 AM EST, 12/20/2024 (MT Newswires) -- Fennec Pharmaceuticals ( FENC ) on Friday said the UK's National Institute for Health and Care Excellence (NICE) has issued final draft guidance approving Pedmarqsi to prevent cisplatin-induced hearing loss in patients (aged 1 month to 17 years) with localized, non-metastatic, solid tumors.

The guidance, issued to Fennec's distribution partner, Norgine Pharmaceuticals, covers National Health Service hospitals in England and Wales.

Earlier this year, Fennec signed a licensing agreement with Norgine to commercialize Pedmarqsi in Europe, Australia, and New Zealand. Fennec received $43 million in an upfront payment and will receive up to $230 million in additional commercial and regulatory milestone payments along with double-digit tiered royalties on net sales of Pedmarqsi.

"Securing access to Pedmarqsi is a critical milestone for the cancer community in England and Wales to help reduce the risk of ototoxicity, or permanent hearing loss, associated with cisplatin treatment," said CEO Jeff Hackman.