Chris A. Rallis, a director at Fennec Pharmaceuticals Inc. (NASDAQ:FENC), reported a recent transaction involving the sale of company shares. According to the SEC filing, Rallis sold 6,409 shares at a price of $6.14 each, amounting to a total transaction value of $39,351. This sale was conducted to satisfy a tax obligation related to an earlier option exercise. The transaction occurred as FENC shares trade near $6.24, with analysts setting price targets between $12 and $15, suggesting significant upside potential according to InvestingPro data.
On the same day, Rallis acquired 10,000 common shares through the exercise of options at a price of $2.69 per share, totaling $26,900. These transactions were part of a 10b5-1 trading plan adopted on August 17, 2023. Following these transactions, Rallis holds 52,214 shares in the company. The $172 million market cap company maintains strong financial health, earning a "GREAT" overall score on InvestingPro, which offers 10+ additional insights and a comprehensive Pro Research Report for deeper analysis.
In other recent news, Fennec Pharmaceuticals reported solid growth for the third quarter of 2024, with a notable increase in net product sales reaching $22 million in the first nine months of the year, surpassing the total sales of 2023. This robust financial performance is largely due to the expansion of PEDMARK, a therapy aimed at reducing cisplatin-associated hearing loss, particularly in the Adolescent and Young Adult (AYA) market. Despite a rise in general and administrative expenses to $6.1 million, influenced by stock compensation and litigation costs, the company maintains a strong cash position, projecting the ability to fund operations well into 2026.
Additionally, Fennec is preparing for the 2025 launch of PEDMARQSI in Germany and the U.K., and a PEDMARK trial in Japan is fully enrolled, with results expected in 2025. The company has also made leadership team enhancements to improve efficiency and commercial strategy. Despite a slight decrease in selling and marketing expenses compared to Q2 2024 and a severance payment of $0.7 million to the previous CEO, Fennec remains optimistic about its growth prospects.
Fennec anticipates continued growth, driven by market expansion and increased awareness of PEDMARK. The company is also exploring business development opportunities, including entering the Japanese market. As part of its ongoing efforts, Fennec is engaging with key stakeholders to enhance PEDMARK access and is evaluating opportunities in Japan following the trial enrollment completion. The partnership with Norgine is expected to bring significant value, with updates to come in 2025. These are among the recent developments in Fennec Pharmaceuticals.
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