07:20 AM EDT, 05/14/2024 (MT Newswires) -- Fennec Pharmaceuticals ( FENC ) on Tuesday reported a swing to first quarter profit on higher sales and revenue from the transaction with Norgine to commercialize Permarqsi in Europe, Australia and New Zealand.

Net income was US$12.8 million, or US$0.41 per diluted share, compared with a net loss of US$6.1 million, or US$0.23 per diluted share for the same period in 2023.

Total net sales rose to US$25.4 million, from US$1.7 million, the year before, comprised of net product sales of US$7.4 million and US$18 million in licensing revenue from the Norgine transaction.

Fennec's Pedmark is the only FDA approved therapy indicated to reduce the risk of hearing loss associated with the chemotherapy drug, cisplatin, in pediatric patients with localized, non-metastatic, solid tumors. It is marketed as Pedmarqsi in regions outside the U.S.