Fennec Pharma Announces Incremental $5M Investment from Petrichor, Original Deal Provided Access to up to $20M of Additional Financing
Portfolio Pulse from Benzinga Newsdesk
Fennec Pharmaceuticals Inc. has announced a third closing of $5 million in senior secured promissory notes under an existing agreement with Petrichor. The original deal allowed for up to $20 million in additional financing until December 31, 2023. The agreement has been amended to provide access to up to $15 million more through December 31, 2024.
December 05, 2023 | 10:58 am
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Fennec Pharmaceuticals Inc. has secured an additional $5 million investment from Petrichor, with the potential for $15 million more by the end of 2024. This could strengthen the company's financial position and support its growth.
The additional $5 million investment from Petrichor is a positive development for Fennec Pharmaceuticals, indicating investor confidence and providing more resources for the company's operations and potential expansion. The amendment to the agreement, allowing access to further financing, suggests a strong partnership and a solid financial strategy, which could be viewed favorably by investors in the short term.
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