Fennec Pharmaceuticals Board Shakeup

TL;DR

Fennec Pharma board gets new chairman, David Levinson takes over from Frederick Telling.

AI Summary

Fennec Pharmaceuticals Inc. announced on August 5, 2024, a change in its Board of Directors. Dr. David M. Levinson has been appointed as the new Chairman of the Board, succeeding Dr. Frederick W. Telling. The company also reported on compensatory arrangements for its officers.

Why It Matters

Changes in board leadership can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Board changes can introduce uncertainty regarding strategic direction and management stability.

Key Players & Entities

• Fennec Pharmaceuticals Inc. (company) — Registrant
• Dr. David M. Levinson (person) — New Chairman of the Board
• Dr. Frederick W. Telling (person) — Outgoing Chairman of the Board
• August 5, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $7.50 — Company at a weighted average price of $7.50. Mr. Raykov holds 148,609 restricted sh
• $550,000 — annualized salary will be at a rate of $550,000, subject to review and increase from ti

Filing Documents

• tm2421051d1_8k.htm (8-K) — 34KB
• tm2421051d1_ex10-1.htm (EX-10.1) — 30KB
• tm2421051d1_ex10-2.htm (EX-10.2) — 57KB
• tm2421051d1_ex99-1.htm (EX-99.1) — 9KB
• tm2421051d1_ex99-1img001.jpg (GRAPHIC) — 2KB
• 0001104659-24-086369.txt ( ) — 332KB
• fencf-20240805.xsd (EX-101.SCH) — 3KB
• fencf-20240805_lab.xml (EX-101.LAB) — 33KB
• fencf-20240805_pre.xml (EX-101.PRE) — 22KB
• tm2421051d1_8k_htm.xml (XML) — 4KB

02

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On August 5, 2024, Fennec Pharmaceuticals Inc.'s (the "Company") announced the departure of Rostislav Raykov from his position as the Company's Chief Executive Officer ("CEO"). Mr. Raykov has served as CEO and a member of the Company's board of directors ("Board") for 15 years. Mr. Raykov will remain a member of the Company's Board. In connection with Mr. Raykov's departure as CEO, on August 5, 2024, the Company and Mr. Raykov entered into a Confidential Separation Agreement pursuant to which, among other terms customary for an agreement of this type, the Company agreed to accelerate the vesting of certain options held by Mr. Raykov to purchase up to 292,359 common shares of the Company at a weighted average price of $7.50. Mr. Raykov holds 148,609 restricted share units which shall remain in full force and effect and will vest in accordance with the original terms when awarded, such that all shares will be released from restriction by April 30, 2027. On August 5, 2024, the Company announced the appointment of Jeffrey S. Hackman as CEO and a member of the Board. There are no arrangements or understandings between Mr. Hackman and any other person pursuant to which Mr. Hackman was appointed as CEO. Mr. Hackman has no family relationships with any other executive officer or director of the Company. Mr. Hackman has not been involved in any related person transactions with the Company that would require disclosure under Item 404(a) of Regulation S-K. Mr. Hackman, age 62, brings more than 30 years of commercial leadership experience to the Company, including oversight of more than 10 product launches across a wide range of therapeutic areas and markets. His tenure in oncology spans the last 12 years across Sigma Tau, Baxalta, Shire, and EUSA Pharma, where he was responsible for the U.S. commercial organizations

01

Item 8.01 Other Items. On August 5, 2024, the Company issued a press release announcing Mr. Raykov's departure as the Company's CEO and Mr. Hackman's appointment as CEO and a member of the Board. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information contained in this Item 8.01, including the press release attached hereto, is being furnished and shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, unless such subsequent filing specifically references this Form 8-K.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description Exhibit 99.1 Press Release dated August 5, 2024 Exhibit 10.1 Confidential Separation Agreement between the Company and Rostislav Raykov, effective as of August 5, 2024 Exhibit 10.2 Executive Employment Agreement between the Company and Jeffrey S. Hackman, effective as of August 5, 2024 104 Cover Page Interactive Data File (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. FENNEC PHARMACEUTICALS INC. Date August 6, 2024 By: /s/ Robert Andrade Robert Andrade Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR