GlobeNewswire Inc | Sep 4, 2020 11:32AM EDT

September 04, 2020

NEW YORK, Sept. 04, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Fennec Pharmaceuticals Inc. (Fennec or the Company) (NASDAQ: FENC) on behalf of those who purchased or acquired the securities of Fennec between February 11, 2020 and August 10, 2020, inclusive (the Class Period). The lawsuit seeks to recover damages for Fennec investors under the federal securities laws.

On August 11, 2020, before the market opened, Fennec disclosed that it had received a Complete Response Letter ("CRL") from the U.S. Food and Drug Administration ("FDA") regarding the Companys New Drug Application ("NDA") for PEDMARK. According to the CRL, "after recent completion of a pre-approval inspection of the manufacturing facility of [Fennecs] drug product manufacturer, the FDA identified deficiencies resulting in a Form 483, which is a list of conditions or practices that are required to be resolved prior to the approval of PEDMARK."

On this news, the Companys share price fell $3.51, or 34%, to close at $6.66 per share on August 11, 2020, thereby injuring investors.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that the manufacturing facilities for PEDMARK, the Companys sole product candidate, did not comply with current good manufacturing practices; (2) that, as a result, regulatory approval for PEDMARK was reasonably likely to be delayed; and (3) that, as a result of the foregoing, Defendants positive statements about the Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis..

Investors who purchased or otherwise acquired shares of Fennec during the Class Period should contact the Firm prior to the November 2, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.