01:46 PM EST, 12/20/2024 (MT Newswires) -- The UK's National Institute for Care and Excellence (NICE) issued a positive final draft guidance recommending Fennec's Pedmarqsi for the prevention of cisplatin-induced hearing loss in pediatric patients with localized solid tumors. This guidance ensures that Pedmarqsi will be widely accessible in the UK within three months, Wedbush notes.

Under the Norgine licensing agreement, Fennec will receive a ~US$43 million upfront payment, and is eligible to receive up to ~US$230 million in commercial and regulatory milestones, and tiered royalties (up to mid-20s%) for net sales of the medication.

"We are adjusting our model to reflect these updates, along with the previously announced ~$13MM debt paydown that is estimated to net ~$1.5MM of annual interest savings," writes analyst David Nierengarten.

Maintain Outperform, US$13 target.

Price: 8.48, Change: +0.02, Percent Change: +0.24