Fennec Pharmaceuticals Inc. plans to sell up to $90 million of company stock, according to a filing Tuesday with the Securities and Exchange Commission.
The proceeds from the sell will be used to pursue the research and development of sodium thiosulfate and as working capital.
The biopharmaceutical company develops STS as a treatment for ototoxicity, or chemotherapy-induced hearing loss in pediatric cancer patients.
Fennec is conducting several clinical trials to analyze the efficacy of STS and any impact the agent may have on the patient.
The company saw positive results as it concluded the third phase of its PEDMARK study earlier this month, analyzing hearing loss rate when using its drug.
The Durham-based company is led by chief executive officer Rostislav Raykov since 2009.
Raykov, a graduate of UNC-Chapel Hill, has served as a financial analyst and portfolio manager prior to his time at Fennec Pharma.
Fennec began trading on the Nasdaq in September under the ticker “FENC.” Its stock closed Tuesday at $10.14 a share, down 7 cents.
Fennec traded on the over-the-counter market since 2009 and is also traded on the Toronto Stock Exchange.