Southpoint Files Early Warning Report in Connection With Exercise of Warrants in Fennec Pharmaceuticals Inc.

TORONTO, ONTARIO--(Marketwired - April 29, 2015) - Southpoint Master Fund, LP ("Southpoint") has acquired, by the exercise of 293,511 warrants of Fennec Pharmaceuticals Inc. ("Fennec") at an exercise price of USD$1.50 per warrant (which represents approximately CAD$1.80 per warrant, based on the Bank of Canada's noon rate of USD$1 = CAD$1.2021 on April 28, 2015), 293,511 common shares of Fennec (the "Transaction"). The shares acquired pursuant to the Transaction represent approximately 2.8% of the issued and outstanding common shares of Fennec. The common shares were issued from Fennec's treasury.

Upon completion of the Transaction, Southpoint, together with its affiliates, will hold 3,997,214 common shares of Fennec, representing approximately 36.6% of Fennec's issued and outstanding common shares.

Southpoint entered into the Transaction for investment purposes and may increase or reduce his investment in Fennec according to market conditions or other relevant factors. No person is acting jointly or in concert with Southpoint in connection with the acquisition of the common shares.

A copy of the early warning report filed in connection with the Transaction will be made available on SEDAR (www.sedar.com) and may also be obtained from Claire M. Tafelski at (212) 692-6350.