04:45 PM EST, 11/17/2025 (MT Newswires) -- Fennec Pharmaceuticals ( FENC ) on Monday closed its underwritten public offering of 5.4-million shares at US$7.50 each, generating gross proceeds of US$40.25 million.

The total includes the full exercise of the underwriters' over-allotment option. Fennec said it plans to use the net proceeds to repurchase and redeem certain indebtedness, with the remainder allocated to working capital and general corporate purposes.

The offering was made under an effective SEC registration statement. The company said the shares will not be offered or sold in Canada and that it is relying on an exemption under Section 602.1 of the TSX Company Manual for interlisted issuers.

The specialty pharmaceutical company's shares closed up C$1.30 to C$12.45 on the Toronto Stock Exchange.