| Item 1. | |
| (a) | Name of issuer:
FENNEC PHARMACEUTICALS INC. |
| (b) | Address of issuer's principal executive offices:
PO Box 13628, 68 TW Alexander Drive, Research Triangle Park, NC 27709 |
| Item 2. | |
| (a) | Name of person filing:
DG Capital Management, LLC*
DG Value Partners II Master Fund, LP*
Dov Gertzulin* |
| (b) | Address or principal business office or, if none, residence:
460 Park Avenue, 22nd Floor
New York, NY 10022 |
| (c) | Citizenship:
DG Capital Management, LLC - Delaware DG Value Partners II Master Fund, LP - Cayman Islands Dov Gertzulin - United States |
| (d) | Title of class of securities:
Common Shares |
| (e) | CUSIP No.:
31447P100 |
| Item 3. | If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) |  Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
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| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
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| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
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| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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| (e) | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
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| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
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| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
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| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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| (i) | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
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| (j) | A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
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| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
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| | |
| Item 4. | Ownership |
| (a) | Amount beneficially owned:
DG Capital Management, LLC: 1,114,692* DG Value Partners II Master Fund, LP: 953,407* Dov Gertzulin: 1,114,692* *The Common Shares (the "Shares") reported herein for Fennec Pharmaceuticals Inc. (the "Issuer") are held by private investment funds, including DG Value Partners II Master Fund, LP, and separately managed accounts (the "DG Entities") for which DG Capital Management, LLC serves as the investment manager (the "Investment Manager"). Dov Gertzulin serves as the managing member of the Investment Manager (the "Managing Member," and collectively with the DG Entities and the Investment Manager, the "Reporting Persons.") By virtue of these relationships, the Reporting Persons may be deemed to have shared voting and dispositive power with respect to the Shares owned directly by the DG Entities. The percentages reported herein are based on a total of 27,432,234 Shares outstanding, based on information in the Form 10-Q most recently filed by the Issuer on November 8, 2024. This report shall not be deemed an admission that any reporting person herein or any other person is the beneficial owner of the securities reported herein for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the reporting persons herein disclaims beneficial ownership of the Shares reported herein except to the extent of the reporting person's pecuniary interest therein, if any. |
| (b) | Percent of class:
DG Capital Management, LLC: 4.1% DG Value Partners II Master Fund, LP: 3.5% Dov Gertzulin: 4.1% |
| (c) | Number of shares as to which the person has:
|
| | (i) Sole power to vote or to direct the vote:
DG Capital Management, LLC: 0
DG Value Partners II Master Fund, LP: 0
Dov Gertzulin: 0
|
| | (ii) Shared power to vote or to direct the vote:
DG Capital Management, LLC: 1,114,692*
DG Value Partners II Master Fund, LP: 953,407*
Dov Gertzulin- 1,114,692*
|
| | (iii) Sole power to dispose or to direct the disposition of:
DG Capital Management, LLC: 0
DG Value Partners II Master Fund, LP: 0
Dov Gertzulin: 0
|
| | (iv) Shared power to dispose or to direct the disposition of:
DG Capital Management, LLC: 1,114,692*
DG Value Partners II Master Fund, LP: 953,407*
Dov Gertzulin- 1,114,692*
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| Item 5. | Ownership of 5 Percent or Less of a Class. |
| | 
Ownership of 5 percent or less of a class
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| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. |
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Not Applicable
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| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
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Not Applicable
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| Item 8. | Identification and Classification of Members of the Group. |
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Not Applicable
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| Item 9. | Notice of Dissolution of Group. |
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Not Applicable
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