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Chris A. Rallis, a director at Fennec Pharmaceuticals Inc. (NASDAQ:FENC), recently executed a series of stock transactions as disclosed in a regulatory filing. The company, currently valued at $190 million, has seen its stock surge over 25% in the past six months, with analysts setting price targets between $10 and $15. On February 14, Rallis sold 1,186 common shares at a price of $6.82 each, generating a total of $8,088. This sale was conducted to satisfy tax obligations related to an option exercise. According to InvestingPro data, the company maintains impressive gross profit margins above 93% and a strong liquidity position with a current ratio of 7.8.
In addition to the sale, Rallis acquired 1,992 common shares through the exercise of stock options at a price of $2.51 per share, under a 10b5-1 plan adopted on August 17, 2023. Following these transactions, Rallis holds 53,020 shares of Fennec Pharmaceuticals. Get access to 10+ additional key insights about FENC and comprehensive analysis of 1,400+ US stocks with an InvestingPro subscription.
In other recent news, Fennec Pharmaceuticals announced significant advancements in its partnership with Norgine Pharmaceuticals. Norgine has launched PEDMARQSI, a treatment for the prevention of cisplatin-induced ototoxicity in pediatric cancer patients, in Germany. This launch marks a crucial step in the global commercialization of PEDMARQSI, the first approved therapy of its kind in the EU and U.K.
Additionally, Norgine has received final draft guidance from the National Institute for Health and Care Excellence (NICE), endorsing PEDMARQSI for use in England and Wales. This approval follows clinical trials demonstrating that PEDMARQSI can reduce the risk of hearing loss by about 50% in children treated with cisplatin.
These developments are part of an exclusive licensing agreement from March 2024, allowing Norgine to market PEDMARQSI in Europe, Australia, and New Zealand. Fennec received an upfront payment of approximately $43 million and is eligible for up to $230 million in additional payments, plus royalties on net sales.
PEDMARQSI, also FDA approved in the U.S. under the name PEDMARK, is recommended by the National Comprehensive Cancer Network for pediatric patients with localized, non-metastatic solid tumors. Jeff Hackman, CEO of Fennec, expressed confidence in Norgine's ability to provide this treatment to patients and healthcare providers globally.
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