Fennec Pharmaceuticals ( (FENC) ) has released its Q3 earnings. Here is a breakdown of the information Fennec Pharmaceuticals presented to its investors.
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Fennec Pharmaceuticals Inc., a biopharmaceutical company based in British Columbia, Canada, focuses on developing treatments to reduce the risk of ototoxicity in pediatric patients undergoing chemotherapy. The company operates primarily in the pharmaceutical sector and is known for its FDA-approved product, PEDMARK.
In its latest quarterly earnings report, Fennec Pharmaceuticals highlighted a significant increase in product sales, driven by the commercial success of PEDMARK. Despite this growth, the company reported a net loss, reflecting ongoing investments in marketing and general administrative expenses.
Key financial metrics revealed that Fennec’s PEDMARK product sales more than doubled compared to the same period last year, reaching $12.5 million for the quarter. However, total revenue decreased due to the absence of licensing revenue, which was present in the previous year. Operating expenses remained high, primarily due to increased selling and marketing costs, contributing to a net loss of $638,000 for the quarter.
Looking ahead, Fennec Pharmaceuticals remains focused on expanding the commercialization of PEDMARK in the U.S. and exploring opportunities in Europe, Australia, and New Zealand through its licensing agreement with Norgine. The company aims to leverage its current financial position to support these growth initiatives over the next twelve months.