07:05 AM EST, 12/19/2024 (MT Newswires) -- Fennec Pharmaceuticals ( FENC ) on Thursday announced the early repayment of US$13 million of its US$32 million outstanding convertible debt facility with Petrichor Healthcare Capital Management.

The remaining US$19 million will mature in Sept. 2027. Fennec financed the early partial repayment with available cash.

"We are pleased to announce the early partial repayment of a significant portion of our debt to Petrichor in a financial and strategic action that optimizes the company's balance sheet and overall capital structure, while effectively saving approximately $1.5 million in future annual interest payments and eliminating potential dilutive shares," said CEO Jeff Hackman.

Fennec said it has sufficient capital to fund planned operations into 2026.