# EDGAR Filing Document

**Accession Number:** 0001211583
**File Stem:** 0001104659-25-113646
**Filing Date:** 2025-11
**Character Count:** 79937
**Document Hash:** 946ac3c3e6ad9b270ac850143f02b381
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-113646.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001104659-25-113646

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20251117

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FENNEC PHARMACEUTICALS INC.
- **CENTRAL INDEX KEY:** 0001211583
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32295
- **FILM NUMBER:** 251494616

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 13628
- **STREET 2:** 68 TW ALEXANDER DRIVE
- **CITY:** RESEARCH TRIANGLE PARK
- **STATE:** NC
- **ZIP:** 27709
- **BUSINESS PHONE:** (919) 636-4530

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 13628
- **STREET 2:** 68 TW ALEXANDER DRIVE
- **CITY:** RESEARCH TRIANGLE PARK
- **STATE:** NC
- **ZIP:** 27709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FENNEC PHARMACEUTICALS, INC.
- **DATE OF NAME CHANGE:** 20140903

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADHEREX TECHNOLOGIES INC
- **DATE OF NAME CHANGE:** 20021223

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 8-K**

**Current Report**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 17, 2025**

**FENNEC PHARMACEUTICALS INC.**

(Exact name of registrant as specified in its charter)

**001-32295**

(Commission File Number)

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| | |
|:---|:---|
| **British Columbia, Canada** | **20-0442384** |
| (State or other jurisdiction of<br> incorporation) | (I.R.S. Employer Identification No.) |

---

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| | |
|:---|:---|
| **PO Box 13628, 68 TW Alexander Drive,**<br> **Research Triangle Park, NC** | <br> **27709** |
| (Address of principal executive offices) | (Zip Code) |

---

**Registrant's telephone number, including area code: (919) 636-4530**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading symbol(s) | Name of each exchange on which <br> registered |
| Common shares, no par value | FENC | Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.** |

---

On November 17, 2025, Fennec Pharmaceuticals Inc. (the "Company") entered into common share subscription agreements (each, a "Subscription Agreement" and collectively, the "Subscription Agreements") with certain of its existing institutional shareholders and affiliated entities resident in the provinces of Canada (except Quebec), pursuant to which the Company agreed to issue and sell an aggregate of 670,000 common shares, no par value (the "Shares"), to each investor at an offering price of US$7.50 per share (the "Offering"). The Offering was made pursuant to the listed issuer financing exemption under Part 5A of *National Instrument 45-106 - Prospectus Exemptions*. The Company has not engaged any broker or placement agent in connection with the Offering.

The Company registered the Shares offered in the Offering under a prospectus supplement and related prospectus filed with the Securities and Exchange Commission pursuant to the Company's effective shelf registration statement on Form S-3 (Registration No. 333-275452), which was previously filed with the Securities Exchange Commission on November 9, 2023 and declared effective on December 15, 2023.

The Subscription Agreement contains customary representations, warranties and covenants of the Company and the investors. The representations, warranties and covenants contained in each Subscription Agreement were made only for purposes of such agreement and as of specific dates and were solely for the benefit of the parties to the Subscription Agreements. The foregoing descriptions of the Subscription Agreements do not purport to be complete and are qualified in their entirety by reference to the Subscription Agreements, a form of which is attached as Exhibit 10.1 hereto and is incorporated herein by reference.

A copy of the opinion of LaBarge Weinstein LLP relating to the validity of the Shares issued in the Offering is filed herewith as Exhibit 5.1.

The Offering closed on November 18, 2025 (the "Closing Date"). The aggregate gross proceeds to the Company from the Offering were US$5,025,000, before deducting offering expenses payable by the Company. The Company intends that the first use of proceeds from this Offering will be to repurchase and redeem its outstanding convertible notes (the "Petrichor Notes") issued to Petrichor Opportunities Fund I LP and Petrichor Opportunities Fund I Intermediate LP (collectively, "Petrichor") on or before November 19, 2025, for an aggregate repurchase and redemption price of approximately US$21,729,455, and to use the remaining net proceeds for working capital and for general corporate purposes.

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

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The full text of the press release announcing the proposed offering on November 13, 2025 and the full text of the press release announcing the closing of the Offering on November 18, 2025 are attached as Exhibits 99.1 and 99.2 hereto and are incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

<u>Exhibit No.</u> <u>Description</u>

---

| | |
|:---|:---|
| [Exhibit 5.1](tm2531509d1_ex5-1.htm) | [Opinion of LaBarge Weinstein LLP](tm2531509d1_ex5-1.htm) |
| [Exhibit 10.1](tm2531509d1_ex10-1.htm) | [Form of Subscription Agreement](tm2531509d1_ex10-1.htm) |
| [Exhibit 23.1](tm2531509d1_ex5-1.htm) | [Consent of LaBarge Weinstein LLP (included in Exhibit 5.1)](tm2531509d1_ex5-1.htm) |
| [Exhibit 99.1](tm2531509d1_ex99-1.htm) | [Press Release dated November 13, 2025](tm2531509d1_ex99-1.htm) |
| [Exhibit 99.2](tm2531509d1_ex99-2.htm) | [Press Release dated November 18, 2025](tm2531509d1_ex99-2.htm) |
| Exhibit 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  |  | FENNEC PHARMACEUTICALS INC. |
| Date: November 18, 2025 | By: | /s/ Jeff Hackman |
|  |  | Jeff Hackman<br> Chief Executive Officer |

---

## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](tm2531509d1_ex5-1img001.jpg) | ![](tm2531509d1_ex5-1img002.jpg) |

---

November 18, 2025

Fennec Pharmaceuticals Inc.

PO Box 13628, 68 TW Alexander Drive

Research Triangle Park, NC 27709

Ladies and Gentlemen:

**Re: Common Shares to be offered pursuant**

**to Subscription Agreements**

We have acted as counsel for Fennec Pharmaceuticals Inc., a British Columbia corporation (the "<u>Company</u>"), in connection with the issuance and sale by the Company (the "<u>Offering</u>") of an aggregate of 670,000 common shares, no par value (the "<u>Shares</u>"), in the capital of the Company pursuant to subscription agreements dated November 17, 2025 (collectively the "<u>Subscription Agreements</u>"). The Offering was made (i) pursuant to an offering document dated November 13, 2025 (the "<u>LIFE Offering Document</u>") under the listed issuer financing exemption of Part 5A of National Instrument 45-106 – *Prospectus Exemptions* and filed on <u>www.sedarplus.ca</u>; and (ii) under the Company's effective shelf registration statement on Form S-3 (Registration No. 333-275452), which was previously filed with the Securities Exchange Commission (the "<u>Commission</u>") on November 9, 2023 and declared effective on December 15, 2023 (the "<u>Registration Statement</u>") and a prospectus supplement filed on or about November 18, 2025 (the "<u>Prospectus Supplement</u>") with the Commission (such Registration Statement, together with the base prospectus (the "<u>Base Prospectus</u>"), and the Prospectus Supplement, each as included within the Registration Statement (the Base Prospectus and the Prospectus Supplement are together referred to herein as the "<u>Prospectus</u>").

In connection with this opinion, we have examined and relied upon: (i) the LIFE Offering Document; (ii) the Prospectus; (iii) the currently effective Articles and Notice of Articles of the Company, as amended to date (the "<u>Articles</u>"); (iv) certain resolutions of the Board of Directors of the Company, and a duly created and authorized Pricing Committee thereof, evidencing the corporate proceedings taken by the Company to authorize the issuance of the Shares; and (v) such other documents as we have deemed appropriate or necessary as a basis for the opinion hereinafter expressed. In our examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity with the originals of all documents submitted to us as copies. This opinion letter is given, and all statements herein are made, in the context of the foregoing.

This opinion letter is based solely on the present laws and applicable regulations of the Province of British Columbia and the laws of Canada in force therein. We express no opinion as to matters involving the laws of any other jurisdiction.

Based upon, subject to and limited by the foregoing, it is our opinion that, upon issuance, delivery and payment therefor in the manner contemplated by the Subscription Agreements that we have reviewed, the LIFE Offering Document and the Prospectus, the Shares will be validly issued, fully paid and nonassessable.

This opinion is furnished to you in connection with the filing by the Company of a Current Report on Form 8-K relating to the offer and sale of the Shares, which Form 8-K will be incorporated by reference into the Registration Statement and Prospectus, and may not be relied upon for any other purpose without our express written consent. No opinion may be implied or inferred beyond the opinion expressly stated. This opinion is given as of the date hereof, and we assume no obligation to advise you of any changes in applicable law or any facts or circumstances that come to our attention after the date hereof that may affect the opinion contained herein.

We hereby consent to the filing of this opinion as an exhibit to the above-described Current Report on Form 8-K and to the reference to our firm contained under the heading "Legal Matters" in the Prospectus. In giving this consent, we do not admit that we are in the category of persons whose consent is required by Section 7 of the Securities Act or the rules and regulations promulgated by the Commission.

---

| |
|:---|
| Yours very truly, |
| **/s/ LaBarge Weinstein LLP** |

---

## Exhibit 10.1

**Exhibit 10.1**

&nbsp;&nbsp; **<u>NOTICE TO PROSPECTIVE SUBSCRIBERS</u>**<br>**THIS OFFERING DOCUMENT DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, ANY OF THE SECURITIES DESCRIBED HEREIN WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON OR OTHER PERSONS IN THE UNITED STATES. "UNITED STATES" AND "U.S. PERSON" HAVE THE MEANINGS ASCRIBED TO THEM IN REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OF THE UNITED STATES OF AMERICA (THE "U.S. SECURITIES ACT").**<br>**THE SECURITIES OFFERED HEREBY MAY NOT BE OFFERED, SOLD, OR RESOLD IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON OR OTHER PERSONS IN THE UNITED STATES UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND THE SECURITIES LAWS OF ALL APPLICABLE STATES OF THE UNITED STATES OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE.**<br>**THE SECURITIES BEING OFFERED FOR SALE ONLY TO THE SPECIFIED PURCHASERS NOTED HEREIN AND ONLY WHERE THE OFFERING CAN LAWFULLY BE MADE UNDER APPLICABLE PRIVATE PLACEMENT EXEMPTIONS.**<br>**THE SECURITIES OFFERED HEREBY ARE SPECULATIVE, INVOLVE A HIGH DEGREE OF RISK AND SHOULD ONLY BE PURCHASED BY PERSONS WHO CAN AFFORD THE LOSS OF THEIR ENTIRE INVESTMENT. PROSPECTIVE INVESTORS SHOULD CAREFULLY READ AND EVALUATE THE INFORMATION SET FORTH IN THIS SUBSCRIPTION AGREEMENT BEFORE PURCHASING ANY OF SUCH SECURITIES.**<br>

**FENNEC PHARMACEUTICALS INC.**

*(A British Columbia corporation)*

**NON-BROKERED OFFERING PURSUANT TO THE LISTED ISSUER FINANCING**

**EXEMPTION UNDER PART 5A OF NATIONAL INSTRUMENT 45-106**

**COMMON SHARE SUBSCRIPTION AGREEMENT**

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| | |
|:---|:---|
| **TO:** | **FENNEC PHARMACEUTICALS INC. (the "Corporation")** |

---

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| | |
|:---|:---|
| **RE:** | **Purchase of Common Shares in the capital of the Corporation ("Common Shares") at a price of US$7.50 per Common Share (the "Offering").** |

---

The undersigned (the "**Subscriber**") hereby irrevocably subscribes for and agrees to purchase from the Corporation, on the terms and conditions set forth in this agreement (the "**Subscription Agreement**"), that number of Common Shares set out below at a price of US$7.50 per Common Share, for the total subscription amount set forth below (the "**Subscription Amount**").

**Terms not defined herein shall have the meanings ascribed to such terms in Section 1 hereof. Unless otherwise indicated, all monetary references are in United States Dollars.**

**<u>REGISTRATION AND DELIVERY INSTRUCTIONS</u>**

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| | |
|:---|:---|
| &nbsp;&nbsp; Number of Common Shares of the Corporation ("**Common Shares**") _____________<br>US$7.50 per Common Share for a total Subscription Amount of US$ ____________ | &nbsp;&nbsp; Number of Common Shares of the Corporation ("**Common Shares**") _____________<br>US$7.50 per Common Share for a total Subscription Amount of US$ ____________ |
| &nbsp;&nbsp;&nbsp;&nbsp; **EXECUTION BY SUBSCRIBER:** <br>**___________________________________**<br> Signature of individual (if Subscriber **is** an individual)<br>**___________________________________**<br> Authorized signatory (if Subscriber is **not** an individual<br>**___________________________________**<br> Name of Subscriber *(**please print)***<br> ****<br> **___________________________________**<br> Name of authorized signatory *(**please print**)*<br>| &nbsp;&nbsp; <br>**___________________________________**<br> Address of Subscriber<br>**___________________________________**<br> Telephone number of Subscriber<br>**___________________________________**<br> E-mail address of Subscriber |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **<u>Register the Common Shares as follows:</u>**<br>**___________________________________**<br> (Name)<br>**___________________________________**<br> (Account reference, is applicable)<br>**___________________________________**<br> (Address) | &nbsp;&nbsp;&nbsp; **<u>Deliver the Common Shares as follows:</u>**<br>**___________________________________**<br> (Name)<br>**___________________________________**<br> (Account reference, is applicable)<br>**___________________________________**<br> (Contact Name)<br>**___________________________________**<br> (Address)<br>|

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**<u>Insider Status</u>**

The Subscriber is **[check appropriate box]:**

an "insider" of the Corporation as defined in the Securities Act (Ontario) (see below); or <br>   not an "insider" of the Corporation as defined in the Securities Act (Ontario).

Note:

The definition of "insider" includes a person that:

&nbsp;&nbsp;&nbsp;&nbsp;(i) is a director or officer of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) is a director or officer of a person or company that is itself an insider or subsidiary of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) is a person or a company that has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. beneficial ownership of, or control or direction over, directly or indirectly; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a combination of beneficial ownership of, and control or direction over, directly or indirectly, securities of an issuer carrying
more than 10% of the voting rights attached to all the Corporation's outstanding voting securities;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Corporation itself, if it holds securities of its own issue; or

&nbsp;&nbsp;&nbsp;&nbsp;(v) a person designated as an insider under the Securities Act (Onatrio).

**<u>Registrant Status</u>**

The Subscriber is **[check appropriate box]**:

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| |
|:---|
| &nbsp;&nbsp; registered or required to be registered pursuant to National Instrument 31-103 - *Registration Requirements, Exemptions and Ongoing Registrant Obligations*; or<br>|
| &nbsp;&nbsp; not registered or required to be registered pursuant to National Instrument 31-103 - *Registration Requirements, Exemptions and Ongoing Registrant Obligations*.<br>|

---

**<u>Present Holdings</u>**

The Subscriber currently holds (prior to the purchase of the Common Shares set out in this Subscription Agreement) the following securities of the Corporation **[please write "None" if no other securities of the Corporation held]**:

**NOTE: The information collected herein will be used by the Corporation in determining whether the Subscriber meets the requirements of the applicable prospectus exemptions, for making certain filings with applicable regulatory authorities and for meeting the Corporation's obligations under securities legislation with respect to the mailing of continuous disclosure materials to the Subscriber, if applicable.**

**<u>Payment of the Subscription Amount:</u>**

Payment of the Subscription Amount must be made by wire transfer in accordance with the wire transfer instructions provided below:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beneficiary Bank:** | Royal Bank of Canada |
|  | 90 Sparks Street |
|  | Ottawa, ON, K1P 5T6, Canada |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Swift Code:** | ROYCCAT2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transit No.:** | 00006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institution No:** | 003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beneficiary Account No.:** | 401-359-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beneficiary Account Name:** | LaBarge Weinstein LLP in Trust |
|  | 515 Legget Dr., Suite 800 Kanata, ON, K2K 3G4 |

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**ALL FUNDS MUST BE SENT IN UNITED STATES DOLLARS**

**<u>Delivery Against Payment:</u>**

For any subscriptions that are to be settled on a "Delivery Against Payment" basis, please contact Robert Andrade. Email: <u>randrade@fennecpharma.com</u>; telephone: (919) 246-5299.

**<u>ACCEPTANCE</u>**

Accepted and agreed to by the Corporation as of the __ day of _______________, 2025.

**FENNEC PHARMACEUTICALS INC.**

By:   <br> Authorized Officer <br>

**TERMS AND CONDITIONS**

**TO THE SUBSCRIPTION AGREEMENT FOR PURCHASE OF THE COMMON SHARES OF<br> FENNEC PHARMACEUTICALS INC.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Agreement**" or "Subscription Agreement" means this subscription agreement
and all schedules and forms attached hereto, and all instruments supplementing, amending or confirming this subscription agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Applicable Securities Laws**" means the securities legislation of the Offering Jurisdictions
having application, and the rules, policies, notices and orders issued by securities regulatory authorities in the Offering Jurisdictions
having application to this Offering and the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Closing**" means a completion of an issue and sale by the Corporation and the purchase
by the Subscribers of the Common Shares pursuant to this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Closing Date**" means the date or dates on which Closing will occur;

&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Common Share**" means a common share in the capital of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;(f) "**TSX**" means the Toronto Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;(g) "**NI 45-106**" means National Instrument 45-106 – Prospectus Exemptions;

&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Offering**" means the sale by the Corporation of the Common Shares on the terms set
forth in this Agreement and subscription agreements entered into by the Corporation with other Subscribers;

&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Offering Document**" means the offering document under the Listed Issuer Financing Exemption
on Form 45-106F19 prepared by the Corporation in connection with the Offering, as may be amended or replaced from time to time, a copy
of which is available and can be accessed under the Corporation's profile at www.sedarplus.ca and on the Corporation's website
at www.fennecpharma.com;

&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Offering Jurisdictions**" means each of the Provinces and Territories of Canada and
such other jurisdictions as may be determined by the Corporation from which the Corporation accepts a subscription for Common Shares under
the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Proceeds**" means the gross proceeds of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Regulation D**" means Regulation D under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Regulation S**" means Regulation S under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;(n) "**SEC**" means the United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Subscriber**" means the person or persons named as Subscriber on the execution page
of this Subscription Agreement and if more than one person is so named, means all of them jointly and severally;

&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Subscription Amount**" means the aggregate subscription amount for the Common Shares
paid by the Subscriber as set forth on the execution page of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(q) "**United States**" means the United States of America, its territories, and State of the
United States and the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;(r) "**U.S. Accredited Investor**" means an "accredited investor" as that term
is defined in Rule 501(a) of Regulation D;

&nbsp;&nbsp;&nbsp;&nbsp;(s) "**U.S. Person**" means a U.S. Person as defined in Rule 902(k) of Regulation S;

&nbsp;&nbsp;&nbsp;&nbsp;(t) "**U.S. Purchaser**" is (a) any "U.S. Person" as defined in Regulation S, (b)
any person purchasing the Common Shares on behalf of any "U.S. Person" or any person in the United States, (c) any person
who receives or received an offer of the Common Shares while in the United States, or (d) any person who is or was in the United States
at the time the Subscriber's buy order was made or this Agreement was executed or delivered (provided that any discretionary or
similar account excluded from the definition of U.S. Person pursuant to Rule 902(k)(2)(i) of Regulation S under the U.S. Securities Act
shall not be considered a U.S. Purchaser);

&nbsp;&nbsp;&nbsp;&nbsp;(u) "**U.S. Securities Act**" means the Securities Act of 1933, as amended, of the United States
of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **The Subscription and the Offering** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** The Subscriber hereby irrevocably subscribes for and agrees to purchase from the Corporation on the terms
and conditions set forth herein, the number of Common Shares for the aggregate Subscription Amount set out on the execution page of this
Subscription Agreement. This Subscription Agreement will be deemed to have been made and be effective only upon its acceptance by the
Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** The Subscriber acknowledges and agrees (on its own behalf and, if applicable, on behalf of each person
on whose behalf the Subscriber is contracting) that the Common Shares subscribed for by it hereunder form part of a larger Offering that
the Corporation is conducting without the benefit of an agent or an underwriter. The Offering may close on more than one Closing Date
and may be closed in whole or in part and from time to time. There is no minimum number of Common Shares that must be sold before the
Offering completes. The Corporation may pay finder's fees or commissions in connection with sales of Common Shares under the Offering
subject to compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.** The Subscriber acknowledges that the Offering is being conducted in reliance upon the listed issuer financing
exemption provided under Part 5A under NI 45-106, and in connection therewith, the Subscriber acknowledges that it has been advised and
has reviewed a copy of the Offering Document, a copy of which is available and can be accessed under the Corporation's profile at
www.sedarplus.ca and on the Corporation's website at www.fennecpharma.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.** The Subscriber agrees to deliver to the Corporation not later than 10:00 am (Toronto Time) on the Business
Day before the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a completed and duly signed copy of this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other documents required by Applicable Securities Laws which the Corporation reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certified cheque or bank draft payable to the Corporation representing the aggregate Subscription Amount
payable by the Subscriber for the Common Shares, or payment of the same amount in such other manner as the Corporation may accept.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.** The Subscriber acknowledges and agrees that such undertakings, questionnaires and other documents, when
executed and delivered by the Subscriber, will form part of and will be incorporated into this Subscription Agreement with the same effect
as if each constituted a representation and warranty or covenant of the Subscriber hereunder in favour of the Corporation. The Subscriber
consents to the filing of such undertakings, questionnaires and other documents as may be required to be filed with any stock exchange
or other securities regulatory authority in connection with the transactions contemplated hereby. The Subscriber acknowledges and agrees
that this offer, the Subscription Amount and any other documents delivered in connection herewith will be held by the Corporation until
such time as the conditions referred to in section 9 below are satisfied or waived by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Closing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** The transactions contemplated hereby will be completed at the Closing virtually, or such other place as
the Corporation may determine. The Subscriber acknowledges that the Common Shares will be available for delivery to it at the Closing
against payment of the amount of the aggregate Subscription Amount for the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** The Subscriber will take up, purchase and pay for the Common Shares at the Closing upon acceptance of
this offer by the Corporation and the satisfaction by the Corporation, or waiver by the Corporation of the conditions referred herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Subscriber's Status** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** <u>All Subscribers</u>. In order to confirm that the issuance of the Common Shares to the Subscriber is
exempt from prospectus requirements under Applicable Securities Laws in Canada, the Subscriber represents and warrants to the Corporation
that the Subscriber is resident in and was solicited to purchase the Common Shares under the Offering in the jurisdiction set forth in
page 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** <u>U.S. Securities Law Matters</u>. The Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acknowledges the Common Shares have not been offered to the Subscriber in the United States, and the individuals
making the order to purchase the Common Shares and executing and delivering this Subscription Agreement on behalf of the Subscriber were
not in the United States when the order was placed and this Subscription Agreement was executed and delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not a U.S. Person (as defined in Regulation S under the U.S. Securities Act, which definition includes,
but is not limited to, an individual resident in the United States, an estate or trust of which any executor or administrator or trustee,
respectively, is a U.S. Person and any partnership or corporation organized or incorporated under the laws of the United States) and is
not purchasing the Common Shares on behalf of, or for the account or benefit of, a person in the United States or a U.S. Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is aware that the Common Shares may not be offered, sold, or resold in the United
States or to, or for the account or benefit of, any U.S. Person or other persons within the United States without registration under the
U.S. Securities Act and the securities laws of all applicable states of the United States or in compliance with the requirements of an
exemption from registration under the U.S. Securities Act and the securities laws of all applicable states of the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) undertakes and agrees that it will not offer, sell, or resell the Common Shares in the United States or
to, or for the account or benefit of, any U.S. Person of other person within the United States unless the Common Shares are registered
under the U.S. Securities Act and the securities laws of all applicable states of the United States or an exemption from such registration
requirements is available, and further that it will not resell the Common Shares in the Offering Jurisdiction except in accordance with
the provisions of Applicable Securities Laws, regulations, rules, policies and orders and the rules of any stock exchange, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Subscriber's Representations, Warranties and Acknowledgements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** The Subscriber represents and warrants and acknowledges and agrees with (on its own behalf and, if applicable,
on behalf of each beneficial purchaser for whom the Subscriber is contracting hereunder) the Corporation that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Subscriber's investment in the Corporation is speculative as the Corporation is an early stage
issuer and has not generated material revenues and accordingly involves a high degree of risk and only investors who can afford to lose
their entire investment should invest in the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) other than the Offering Document, the Subscriber has not received nor been provided with, nor has the
Subscriber requested, nor does the Subscriber have any need to receive, any offering memorandum, any prospectus, sales or advertising
literature, or any other similar document (other than, if any, an annual report, annual information form, interim report, information
circular, take-over bid circular, issuer bid circular, prospectus, or other continuous disclosure document, the content of which, if applicable,
is prescribed by Applicable Securities Laws and that, in each case, has been filed, if applicable, with applicable securities commissions)
describing, or purporting to describe, the business and affairs of the Corporation which has been prepared for delivery to, and review
by, prospective purchasers in order to assist such prospective purchasers in making an investment decision in respect of the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Subscriber has only relied upon publicly available information relating to the Corporation in relation
to the Offering, its decision to execute this Subscription Agreement and purchase the Common Shares agreed to be purchased hereunder has
not been based upon any oral or written representation as to fact or otherwise made by or on behalf of the Corporation, and the Subscriber
acknowledges that the Corporation has not made any written representations, warranties or covenants in respect of such publicly available
information except as set forth in the Offering Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Subscriber is not purchasing the Common Shares with knowledge of any material fact or material change
about the Corporation that has not been generally disclosed and the decision of the Subscriber, to acquire Common Shares has not been
made as a result of any oral or written representation as to fact or otherwise made by, or on behalf of, the Corporation or any other
person and is based entirely upon the Offering Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no prospectus has been filed or will be filed by the Corporation with any securities commission or similar
authority, in connection with the issuance of the Common Shares and the Offering, and the issuance and the sale of the Common Shares is
subject to such sale being exempt from the prospectus and registration requirements under Applicable Securities Laws and accordingly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Subscriber is restricted from using certain of the civil remedies available under such legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Subscriber may not receive information that might otherwise be required to be provided to it under
such legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Corporation is relieved from certain obligations that would otherwise apply under such legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Corporation has no obligation to file a prospectus qualifying the distribution of the Common Shares
in any jurisdiction where the Offering is made and has no intention to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Subscriber (or others for whom the Subscriber is contracting hereunder) has been advised to
 consult its own independent legal, tax and business advisors with respect to the merits and risks of an investment in the Common
 Shares and with respect to applicable laws (including November 17, 2025 Applicable Securities Laws) and it (or others for whom it is
 contracting hereunder) shall take all necessary action to comply with such laws, and it acknowledges that the Corporation's
 counsel is acting solely as counsel to the Corporation and not as counsel to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if the Subscriber is: (i) a corporation, the Subscriber is duly incorporated and is validly subsisting
under the laws of its jurisdiction of incorporation and has all requisite legal and corporate power and authority to subscribe for the
Common Shares pursuant to the terms set out in the Offering Document; (ii) a partnership, syndicate or other form of unincorporated organization,
the Subscriber has the necessary legal capacity and authority to subscribe for the Common Shares pursuant to the terms set out in the
Offering Document and has obtained all necessary approvals in respect thereof; or (iii) an individual, the Subscriber is of the full age
of majority and is legally competent to subscribe for the Common Shares pursuant to the terms set out in the Offering Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the subscription for the Common Shares and the completion of the transactions described herein by the
Subscriber will not result in any material breach of, or be in conflict with or constitute a material default under, or create a state
of facts which, after notice or lapse of time, or both, would constitute a material default under any term or provision of the constating
documents, bylaws or resolutions of the Subscriber if the Subscriber is not an individual, the Applicable Securities Laws or any other
laws applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Subscriber has obtained all necessary consents and authorities to enable it to agree to subscribe
for the Common Shares pursuant to the terms set out in the Offering Document and the Subscriber has otherwise observed all applicable
laws, obtained any requisite governmental or other consents, complied with all requisite formalities and paid any issue, transfer or other
taxes due in any territory in connection with the purchase of the Common Shares and the Subscriber has not taken any action which will
or may result in the Corporation acting in breach of any regulatory or legal requirements of any territory in connection with the Offering
or the Subscriber's subscription;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to the knowledge of the Subscriber, the sale of the Common Shares to the Subscriber was not accompanied
by any advertisement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the offer made by this Subscription Agreement is irrevocable (subject to the right of the Corporation
to terminate this Subscription Agreement) and requires acceptance by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) this Subscription Agreement is not enforceable by the Subscriber unless it has been accepted by the Corporation
and the Subscriber waives any requirement on the Corporation's behalf to communicate immediately its acceptance of this Subscription
Agreement to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Subscriber is sophisticated in financial investments, has such knowledge in the financial and business
affairs of the Corporation as to be capable of evaluating the merits and risks of its investment in the Common Shares (including the potential
loss of its entire investment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Subscriber has been independently advised as to any restrictions that may be imposed in respect of
the Common Shares by Applicable Securities Laws and regulatory policies and confirms that no representations by the Corporation has been
made respecting such restrictions, and is aware of the risks and other characteristics of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) if the Subscriber is resident in or otherwise subject to Applicable Securities Laws of a jurisdiction
other than Canada, the Subscriber confirms, represents and warrants that: (a) the Subscriber is knowledgeable of, or has been independently
advised as to, the Applicable Securities Laws of the jurisdiction in which the Subscriber is resident (the "International Jurisdiction")
and which would apply to the acquisition of the Common Shares; (b) the Subscriber is purchasing the Common Shares pursuant to exemptions
from prospectus or registration requirements or equivalent requirements under Applicable Securities Laws or, if such is not applicable,
the Subscriber is permitted to purchase the Common Shares under the Applicable Securities Laws of the International Jurisdiction without
the need to rely on any exemptions; (c) the Applicable Securities Laws of the International Jurisdiction do not require the Corporation
to make any filings or seek any approvals of any kind whatsoever from any securities regulator of any kind whatsoever in the International
Jurisdiction in connection with the issue and sale or resale of the Common Shares; and (d) the purchase of the Common Shares by the Subscriber
does not trigger: (i) any obligation to prepare and file a prospectus or similar document, or any other report with respect to such purchase
in the International Jurisdiction; or (ii) any continuous disclosure reporting obligation of the Corporation in the International Jurisdiction;
and (e) the Subscriber will, if requested by the Corporation, deliver to the Corporation a certificate or opinion of local counsel from
the International Jurisdiction which will confirm the matters referred to in subsections (ii), (iii) and (iv) above to the satisfaction
of the Corporation acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the subscription for the Common Shares by the Subscriber does not contravene any of the Applicable Securities
Laws in the jurisdiction in which the Subscriber resides and does not give rise to any obligation of the Corporation to prepare and file
a prospectus, registration statement or similar document or to register the Common Shares or to be registered with or to file any report
or notice with any governmental or regulatory authority, other than standard post-closing filings required to be made in Canada for offerings
exempt from the registration requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) while the Corporation intends to use the Proceeds as set out in the Offering Document, the Corporation
will have complete discretion as to the use of the Proceeds of the Offering and there is no assurance that these Proceeds will be sufficient
for the Corporation to execute on its business plan or to achieve revenues or profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) no agency, governmental authority, regulatory body, stock exchange or other entity has made any finding
or determination as to the merit for investment of, nor have any such agencies or governmental authorities made any recommendation or
endorsement with respect to, the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the Corporation will rely on the representations and warranties made herein or otherwise provided by the
Subscriber to the Corporation in completing the sale and issue of the Common Shares to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) no person has made to the Subscriber any written or oral representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that any person will resell or repurchase the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that any person will refund the Subscription Amount for the Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as to the future price or value of the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Subscriber acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no securities commission or similar regulatory authority has reviewed or passed on the merits of the Common
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there is no government or other insurance covering the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there are risks associated with the purchase of the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it is the responsibility of the Subscriber to comply with any restrictions applicable to the Common Shares
with them before selling the Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Corporation has advised the Subscriber that the Corporation is relying on an exemption from the requirements
to provide the Subscriber with a prospectus and to sell the Common Shares through a person registered to sell the Common Shares under
Applicable Securities Laws and, as a consequence of acquiring securities pursuant to this exemption, certain protections, rights and remedies
provided by Applicable Securities Laws, including statutory rights of rescission or damages, will not be available to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) the Subscriber either (A) is not an "insider" of the Corporation or a "registrant"
(each as defined under Applicable Securities Laws); or (B) has identified itself to the Corporation as either an "insider"
or a "registrant" (each as defined under Applicable Securities Laws);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Subscriber is purchasing the Common Shares as principal for its own account, it is purchasing such
Common Shares not for the benefit of any other person, and not with a view to the resale or distribution of the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the Subscriber has duly and validly authorized, executed and delivered this Subscription Agreement and
understands it is intended to constitute a valid and binding agreement of the Subscriber enforceable against the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) the funds representing the subscription funds to be provided by the Subscriber to the Corporation will
not represent proceeds of crime for the purposes of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) or the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act and the Subscriber acknowledges
that the Corporation may in the future be required by law to disclose the name of the Subscriber and other information relating to this
Agreement and the subscription of the Subscriber, on a confidential basis, pursuant to such acts. To the best of its knowledge (i) none
of the subscription funds to be provided by the Subscriber (A) have been or will be derived from or related to any activity that is deemed
criminal under the law of Canada, the United States of America, or any jurisdiction, or (B) are being tendered on behalf of a person or
entity who has not been identified to the Subscriber, and (ii) it will promptly notify the Corporation if the Subscriber discovers that
any of such representations ceases to be true, and provide the Corporation with appropriate information in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) all costs and expenses incurred by the Subscriber (including any fees and disbursements of any special
counsel or other advisors retained by the Subscriber) relating to the purchase of the Common Shares will be borne by the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Reliance Upon Representations, Warranties, Covenants, Acknowledgements and Agreements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** The Subscriber acknowledges that the representations, warranties, covenants, acknowledgements and agreements
contained in this Agreement are made with the intent that they may be relied upon by the Corporation. The Subscriber covenants that the
foregoing representations, warranties, covenants, acknowledgements and agreements will be true as at the date of issuance of the Common
Shares and agrees that they will survive the purchase by the Subscriber of the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Representations of the Corporation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** The Corporation represents and warrants to the Subscriber (and acknowledges that the Subscriber is relying
thereon) that, as of the date of this Subscription Agreement and at Closing hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation is a valid and subsisting corporation duly incorporated and in good standing under the
laws of the Province of British Columbia, and is duly qualified to carry on business in the Province of British Columbia and in each other
jurisdiction, if any, wherein the carrying out of the activities contemplated makes such qualifications necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Corporation has the full corporate right, power and authority to execute this Subscription Agreement,
and, at Closing, to issue the Common Shares to the Subscriber pursuant to the terms of this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as of Closing, the Common Shares issued to the Subscriber will be duly allotted, validly issued, fully
paid and non-assessable shares in the capital of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as of Closing, this Subscription Agreement will have been duly authorized by all necessary corporate action
on the part of the Corporation and, subject to acceptance by the Corporation, constitute a valid obligation of the Corporation legally
binding upon it and enforceable in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the authorized capital of the Corporation consists of an unlimited number of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Conditions of Closing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** The obligations of the Corporation to complete the sale and issuance of the Common Shares as contemplated
hereby shall be conditional upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation accepting this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Subscriber (and any beneficial purchaser for which the Subscriber is contracting hereunder) signing
and returning to the Corporation all relevant documentation required by Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the representations and warranties of the Subscriber contained in this Subscription Agreement being true
and correct on and as of the Closing with the same effect as though such representations and warranties had been made as of the Closing
Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the sale of the Common Shares to the Subscriber being exempt from any registration, prospectus and offering
memorandum requirements in accordance with Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the receipt of such regulatory and third-party approvals as may be necessary or deemed desirable by the
Corporation in connection with the Offering, including, if applicable, the approval of the TSX or any filings with the TSX, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Subscriber's completion and submission to the Corporation of such additional undertakings, questionnaires
and documents as any securities regulatory authorities or stock exchanges may request in connection with the issue and sale of the Common
Shares to the satisfaction of such securities regulatory authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all of the covenants and obligations of the Subscriber to be performed or observed on or before the Closing
pursuant to this Subscription Agreement having been duly performed or observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Consent to Disclosure of Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** The Subscriber acknowledges and consents to the release by the Corporation of information regarding the
Subscriber's subscription including the Subscriber's name, address, telephone number, e-mail address and the Common Shares
purchased, in compliance with securities regulatory policies to regulatory authorities under Applicable Securities Laws and the Subscriber
waives to the extent lawful, its rights under any privacy legislation. The contact information of the public official in each applicable
Canadian jurisdiction who can answer questions about this indirect collection of Subscriber's personal information is set out in
Schedule A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** In addition to the foregoing, the Subscriber agrees and acknowledges that the Corporation may use and
disclose the Subscriber's personal information, or that of each beneficial purchaser for whom the Subscriber are contracting hereunder,
as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for internal use with respect to managing the relationships between and contractual obligations of the
Corporation and the Subscriber or any beneficial purchaser for whom the Subscriber is contracting hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for use and disclosure to the Corporation's transfer agent and registrar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for use and disclosure for income tax related purposes, including without limitation, where required by
law, disclosure to Canada Revenue Agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosure to securities regulatory authorities (including any stock exchange) and other regulatory bodies
with jurisdiction with respect to reports of trade and similar regulatory filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) disclosure to a governmental or other authority (including any stock exchange) to which the disclosure
is required by court order or subpoena compelling such disclosure and where there is no reasonable alternative to such disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) disclosure to professional advisers of the Corporation in connection with the performance of their professional
services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) disclosure to any person where such disclosure is necessary for legitimate business reasons and is made
with the Subscriber's prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) disclosure to a court determining the rights of the parties under this Subscription Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for use and disclosure as otherwise required or permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.** The Subscriber agrees to indemnify and hold harmless the Corporation and their respective affiliates,
partners, directors, officers, employees, agents, advisers and shareholders from and against any and all loss, liability, claim, damage
and expense whatsoever (including, but not limited to, any and all fees, costs and expenses whatsoever reasonably incurred in investigating,
preparing or defending against any claim, law suit, administrative proceeding or investigation whether commenced or threatened) arising
out of or based upon any representation or warranty of the Subscriber contained herein or in any document furnished by the Subscriber
to the Corporation in connection herewith being untrue in any material respect or any breach or failure by the Subscriber to comply with
any covenant or agreement made by the Subscriber herein or in any document furnished by the Subscriber to the Corporation in connection
herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.** Time is of the essence hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.** Neither this Subscription Agreement nor any provision hereof will be modified, changed, discharged or
terminated except by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.** Words importing the masculine gender include the feminine or neuter, words in the singular include the
plural, words importing a corporate entity include individuals, and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4.** The parties hereto will execute and deliver all such further documents and instruments and do all such
acts and things as may either before or after the execution of this Subscription Agreement be reasonably required to carry out the full
intent and meaning of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5.** This Subscription Agreement will be subject to, governed by and construed in accordance with the laws
of Ontario and the federal laws of Canada as applicable therein and the Subscriber hereby irrevocably attorns to the jurisdiction of the
courts situated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6.** This Subscription Agreement may not be assigned by any party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7.** The Corporation will be entitled to rely on delivery of a facsimile or email copy of this Subscription
Agreement, and acceptance by the Corporation of a facsimile or email copy of this Subscription Agreement will create a legal, valid and
binding agreement between the Subscriber and the Corporation in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.8.** This Subscription Agreement may be signed by the parties in as many counterparts as may be deemed necessary,
each of which so signed will be deemed to be an original, and all such counterparts together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.9.** This Subscription Agreement is deemed to be entered into on the acceptance date by the Corporation, notwithstanding
its actual date of execution by the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10.** This Subscription Agreement, including, without limitation, the representations, warranties, acknowledgements
and covenants contained herein, will survive and continue in full force and effect and be binding upon the parties notwithstanding the
completion of the purchase of the Common Shares by the Subscriber pursuant hereto, the completion of the issue of Common Shares of the
Corporation and any subsequent disposition by the Subscriber of the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11.** The invalidity or unenforceability of any particular provision of this Subscription Agreement will not
affect or limit the validity or enforceability of the remaining provisions of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12.** Except as expressly provided in this Subscription Agreement and in the agreements, instruments and other
documents contemplated or provided for herein, this Subscription Agreement contains the entire agreement between the parties with respect
to the sale of the Common Shares and there are no other terms, conditions, representations or warranties, whether expressed, implied,
oral or written, by statute, by common law, by the Corporation, by the Subscriber, or by anyone else.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.13.** Unless otherwise indicated, all monetary amounts are in Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.14.** Les parties aux présents ont exigé que la présente convention ainsi que tous les
documents et avis qui s'y rattachent ou qui en découleront soient rédigés dans la langue anglaise. The parties
have required that this Agreement and all documents and notices resulting from it be drawn up in English.

**-- End of Terms and Conditions –**

**SCHEDULE A**

**TO THE SUBSCRIPTION AGREEMENT OF FENNEC PHARMACEUTICALS INC.** 

**<u>CONTACT INFORMATION OF CANADIAN SECURITIES ADMINISTRATORS</u>**

---

| | |
|:---|:---|
| **Alberta Securities Commission** <br> Suite 600, 250 – 5th Street SW Calgary, Alberta T2P 0R4<br> Telephone: (403) 297-6454<br> Toll free in Canada: 1-877-355-0585<br> Facsimile: (403) 297-2082<br>**British Columbia Securities Commission**<br> P.O. Box 10142, Pacific Centre 701 West Georgia Street Vancouver, British Columbia V7Y 1L2<br> Inquiries: (604) 899-6854<br> Toll free in Canada: 1-800-373-6393<br> Facsimile: (604) 899-6581<br> Email: inquiries@bcsc.bc.ca<br>**Financial and Consumer Affairs Authority of Saskatchewan**<br> Suite 601 - 1919 Saskatchewan Drive Regina, Saskatchewan S4P 4H2<br> Telephone: (306) 787-5879<br> Facsimile: (306) 787-5899<br>**The Manitoba Securities Commission**<br> 500 – 400 St. Mary Avenue Winnipeg, Manitoba R3C 4K5<br> Telephone: (204) 945-2548<br> Toll free in Manitoba 1-800-655-5244<br> Facsimile: (204) 945-0330<br>**Ontario Securities Commission** <br> 20 Queen Street West, 22nd Floor Toronto, Ontario M5H 3S8<br> Telephone: (416) 593- 8314<br> Toll free in Canada: 1-877-785-1555<br> Facsimile: (416) 593-8122<br> Email: <u>exemptmarketfilings@osc.gov.on.ca</u><br> Public official contact regarding indirect collection of information: Inquiries Officer<br>**Autorité des marchés financiers**<br> 800, Square Victoria, 22e étage<br> C.P. 246, Tour de la Bourse Montréal, Québec H4Z 1G3<br> Telephone: (514) 395-0337 or<br> 1-877-525-0337<br> Facsimile: (514) 873-6155 (For filing purposes only)<br> Facsimile: (514) 864-6381 (For privacy requests only)<br> Email: financementdessocietes@lautorite.qc.ca<br> (For corporate finance issuers); fonds_dinvestissement@lautorite.qc.ca (For investment fund issuers) | **Government of Newfoundland and Nova Scotia Securities Commission**<br> Suite 400, 5251 Duke Street Duke Tower<br> P.O. Box 458<br> Halifax, Nova Scotia B3J 2P8<br> Telephone: (902) 424-7768<br> Facsimile: (902) 424-4625<br>**Prince Edward Island Securities Office**<br> 95 Rochford Street, 4th Floor Shaw Building<br> P.O. Box 2000<br> Charlottetown, Prince Edward Island C1A 7N8<br> Telephone: (902) 368-4569<br> Facsimile: (902) 368-5283<br>**Financial and Consumer Services Commission (New Brunswick)**<br> 85 Charlotte Street, Suite 300 Saint John, New Brunswick E2L 2J2<br> Telephone: (506) 658-3060<br> Toll free in Canada: 1-866-933-2222 Facsimile: (506) 658-3059<br> Email: info@fcnb.ca<br>**Government of the Northwest Territories Office of the Superintendent of Securities**<br> P.O. Box 1320 Yellowknife, Northwest Territories X1A 2L9 Attention: Deputy Superintendent, Legal & Enforcement<br> Telephone: (867) 920-8984<br> Facsimile: (867) 873-0243<br>**Government of Nunavut Department of Justice Legal Registries Division**<br> P.O. Box 1000, Station 570 1st Floor, Brown Building Iqaluit, Nunavut X0A 0H0<br> Telephone: (867) 975-6590<br> Facsimile: (867) 975-6594<br>**Government of Yukon Department of Community Services**<br> Law Centre, 3rd Floor 2130 Second Avenue<br> Whitehorse, Yukon Y1A 5H6<br> Telephone: (867) 667-5314<br> Facsimile: (867) 393-6251 |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2531509d1_ex99-1img001.jpg)

**FENNEC PHARMACEUTICALS ANNOUNCES<br> PRIVATE OFFERING OF COMMON SHARES IN CANADA**

**Research Triangle Park, NC, November 13, 2025 –** Fennec Pharmaceuticals Inc. (NASDAQ:FENC) (TSX:FRX) ("Fennec" or the "Company"), a specialty pharmaceutical company, today announced that it intends to engage in a non-brokered offering of its common shares in Canada, at a price of US$7.50 per share, with certain of its existing institutional shareholders, for aggregate gross proceeds of up to US$5,025,000. The offering is expected to close on November 17, 2025, subject to the Company entering into subscription agreements with investors in the offering, if any, and certain customary closing conditions including, but not limited to, the receipt of all necessary approvals, including approval from the Toronto Stock Exchange ("TSX").

The offering is being made to prospective purchasers resident in any province in Canada (except Quebec) pursuant to the listed issuer financing exemption under Part 5A of *National Instrument 45-106 - Prospectus Exemptions* and the Company expects to register any common shares issued in the offering, if any, under the Securities Act of 1933, as amended, pursuant to a prospectus supplement and accompanying prospectus. As the offering is being completed pursuant to the listed issuer financing exemption, the common shares issued pursuant to the offering will not be subject to a hold period pursuant to applicable Canadian securities laws. There are no assurances that the offering will be completed or, if completed, the amount of aggregate gross proceeds that will be raised through the offering.

There is an offering document related to the offering that can be accessed under the Company's profile at www.sedarplus.com and at www.fennecpharma.com. Prospective investors in the Canadian offering should read this offering document before making an investment decision.

The common shares in the offering will offered and sold solely in Canada. This press release shall not constitute an offer to sell or the solicitation of an offer to buy common shares, nor shall there be any sale of common shares, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Fennec is relying upon the exemption set forth in Section 602.1 of the TSX Company Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as Nasdaq.

**About Fennec Pharmaceuticals**

Fennec Pharmaceuticals Inc. is a specialty pharmaceutical company committed to the fight against ototoxicity in cancer patients who receive cisplatin-based chemotherapy. Fennec is focused on the commercialization of PEDMARK<sup>®</sup> to reduce the risk of platinum-induced ototoxicity in cancer patients. PEDMARK<sup>®</sup> received FDA approval in September 2022 and European Commission approval in June 2023 and United Kingdom (U.K.) approval in October 2023 under the brand name PEDMARQSI<sup>®</sup>.

In March 2024, Fennec entered into an exclusive licensing agreement under which Norgine Pharmaceuticals Ltd., a leading European specialist pharmaceutical company, will commercialize PEDMARQSI<sup>®</sup> in Europe, U.K., Australia and New Zealand. PEDMARQSI<sup>®</sup> is now commercially available in the U.K. and Germany.

PEDMARK<sup>®</sup> has received Orphan Drug Exclusivity in the U.S. and PEDMARQSI<sup>®</sup> has received Pediatric Use Marketing Authorization in Europe which includes eight years plus two years of data and market protection. Further, Fennec has patents providing protection for PEDMARK<sup>®</sup> until 2039 in both the U.S. and internationally.

**Forward Looking Statements**

*Except for historical information described in this press release, all other statements are forward-looking. Words such as "believe," "anticipate," "plan," "expect," "estimate," "intend," "may," "will," or the negative of those terms, and similar expressions, are intended to identify forward-looking statements. These forward-looking statements include, among other things, statements regarding the Company's expectations on the timing, size and completion of the offering. Forward-looking statements are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including the risks and uncertainties that regulatory and guideline developments may change, scientific data and/or manufacturing capabilities may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, unforeseen global instability, including political instability, or instability from an outbreak of pandemic or contagious disease, such as the novel coronavirus (COVID-19), or surrounding the duration and severity of an outbreak, protection offered by the Company's patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the Company's products will not be as large as expected, the Company's products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to fund further development and clinical studies, the Company's ability to obtain necessary capital when needed on acceptable terms or at all, and other risks detailed from time to time in the Company's filings with the SEC including its Annual Report on Form 10-K for the year ended December 31, 2024. Fennec disclaims any obligation to update these forward-looking statements except as required by law.*

*For a more detailed discussion of related risk factors, please refer to our public filings available at www.sec.gov and www.sedar.com.*

PEDMARK<sup>®</sup>, PEDMARQSI<sup>®</sup> and Fennec<sup>®</sup> are registered trademarks of Fennec Pharmaceuticals Inc.©2025 Fennec Pharmaceuticals Inc. All rights reserved

**For further information, please contact:**

**Investors:**<br> Robert Andrade<br> Chief Financial Officer<br> Fennec Pharmaceuticals Inc.<br> +1 919-246-5299

**Corporate and Media:**<br> Lindsay Rocco<br>

Elixir Health Public Relations<br> +1 862-596-1304<br> lrocco@elixirhealthpr.com

## Exhibit 99.2

**Exhibit 99.2**

![](tm2531509d1_ex99-2img001.jpg)

**FENNEC PHARMACEUTICALS ANNOUNCES CLOSING OF<br> PRIVATE OFFERING OF COMMON SHARES IN CANADA**

**Research Triangle Park, NC, November 18, 2025 –** Fennec Pharmaceuticals Inc. (NASDAQ:FENC) (TSX:FRX) ("Fennec" or the "Company"), a specialty pharmaceutical company, today announced the closing of its non-brokered offering of its common shares in Canada, at a price of US$7.50 per share, with certain of its existing institutional shareholders, for aggregate gross proceeds of US$5,025,000.

The offering was made to prospective purchasers resident in any province in Canada (except Quebec) pursuant to the listed issuer financing exemption under Part 5A of *National Instrument 45-106 - Prospectus Exemptions* and the Company has registered the common shares issued in the offering under the Securities Act of 1933, as amended, pursuant to a prospectus supplement and accompanying prospectus. As the offering was completed pursuant to the listed issuer financing exemption, the common shares issued pursuant to the offering are not subject to a hold period pursuant to applicable Canadian securities laws.

There is an offering document related to the offering that can be accessed under the Company's profile at www.sedarplus.com and at www.fennecpharma.com. Prospective investors in the Canadian offering should read this offering document before making an investment decision.

The common shares in the offering were offered and sold solely in Canada. This press release shall not constitute an offer to sell or the solicitation of an offer to buy common shares, nor shall there be any sale of common shares, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Fennec is relying upon the exemption set forth in Section 602.1 of the TSX Company Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as Nasdaq.

**About Fennec Pharmaceuticals**

Fennec Pharmaceuticals Inc. is a specialty pharmaceutical company committed to the fight against ototoxicity in cancer patients who receive cisplatin-based chemotherapy. Fennec is focused on the commercialization of PEDMARK<sup>®</sup> to reduce the risk of platinum-induced ototoxicity in cancer patients. PEDMARK<sup>®</sup> received FDA approval in September 2022 and European Commission approval in June 2023 and United Kingdom (U.K.) approval in October 2023 under the brand name PEDMARQSI<sup>®</sup>.

In March 2024, Fennec entered into an exclusive licensing agreement under which Norgine Pharmaceuticals Ltd., a leading European specialist pharmaceutical company, will commercialize PEDMARQSI<sup>®</sup> in Europe, U.K., Australia and New Zealand. PEDMARQSI<sup>®</sup> is now commercially available in the U.K. and Germany.

PEDMARK<sup>®</sup> has received Orphan Drug Exclusivity in the U.S. and PEDMARQSI<sup>®</sup> has received Pediatric Use Marketing Authorization in Europe which includes eight years plus two years of data and market protection. Further, Fennec has patents providing protection for PEDMARK<sup>®</sup> until 2039 in both the U.S. and internationally.

**Forward Looking Statements**

*Except for historical information described in this press release, all other statements are forward-looking. Words such as "believe," "anticipate," "plan," "expect," "estimate," "intend," "may," "will," or the negative of those terms, and similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including the risks and uncertainties that regulatory and guideline developments may change, scientific data and/or manufacturing capabilities may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, unforeseen global instability, including political instability, or instability from an outbreak of pandemic or contagious disease, such as the novel coronavirus (COVID-19), or surrounding the duration and severity of an outbreak, protection offered by the Company's patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the Company's products will not be as large as expected, the Company's products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to fund further development and clinical studies, the Company's ability to obtain necessary capital when needed on acceptable terms or at all, and other risks detailed from time to time in the Company's filings with the SEC including its Annual Report on Form 10-K for the year ended December 31, 2024. Fennec disclaims any obligation to update these forward-looking statements except as required by law.*

*For a more detailed discussion of related risk factors, please refer to our public filings available at www.sec.gov and www.sedar.com.*

PEDMARK<sup>®</sup>, PEDMARQSI<sup>®</sup> and Fennec<sup>®</sup> are registered trademarks of Fennec Pharmaceuticals Inc.©2025 Fennec Pharmaceuticals Inc. All rights reserved

**For further information, please contact:**

**Investors:**<br> Robert Andrade<br> Chief Financial Officer<br> Fennec Pharmaceuticals Inc.<br> +1 919-246-5299

**Corporate and Media:**<br> Lindsay Rocco

Elixir Health Public Relations<br> +1 862-596-1304<br> lrocco@elixirhealthpr.com