Fennec Pharmaceuticals (TSX:FRX)(NASDAQ:FENC) is a clinical-stage biotechnology company based in North Carolina. The stock fell 1.99% on March 19. Shares are down 13.4% in 2019 so far.
Fennec Pharmaceuticals saw its stock dip sharply after the release of its fourth-quarter and full-year results for 2018. The company initiated a rolling New Drug Application to the U.S. Food and Drug Administration for PEDMARK.
PEDMARK is a new compound developed to reduce the incidence of hearing loss in children undergoing chemotherapy. In February 2019 Fennec announced a $12.5-million debt refinancing courtesy of Bridge Bank which will be funded up on the approval of PEDMARK.
For the full-year Fennec reported a net loss of $9.8 million compared to a $7.0 million net loss in 2017. The company has ramped up its Research and Development (R&D) expenses in 2018.
Pending approval, a full submission target for PEDMARK has been set for late 2019 or early 2020. This would set up a full commercial launch for the drug in the second half of 2020. PEDMARK has enticing potential, and Fennec represents a home run swing for investors looking to jump in at this stage.
Currently Fennec stock is trading at the lower end of its 52-week range.
The stock last boasted an RSI of 31, which puts it just outside of oversold territory in late March. There are not many discounts offered on the TSX or the NASDAQ, so investors on the hunt for growth opportunities should look hard at Fennec right now.
