Triangle-based Fennec Pharmaceuticials has a lot riding on possible FDA approval of its new drug candidate – Pedmark. Up to $45 million, in fact.
Its Pedmark therapy intended to help children with hearing loss as a result of platinum-based chemotherapy. There is currently no preventative measure for this type of hearing loss.
Fennec has landed a deal with Petrichor Healthcare Capital Management for a $5 million upfront payment and additional funds will be available if the FDA approves Pedmark later this year.
Rosty Raykov, chief executive officer of Fennec, said in Monday’s announcement, “Petrichor is a premier healthcare-dedicated investment firm who has worked with us to structure this transaction, which provides substantial capital and flexibility to support the launch and commercialization of PEDMARK, if approved. We appreciate the confidence that Petrichor is demonstrating in Fennec and the potential market opportunity for PEDMARK as we await a decision from the FDA by the September 23, 2022 PDUFA target action date.”.”
Action is expected in September.
Original Article Source: WRAL TechWire