How did Fennec Pharmaceuticals' revenue surge in Q1 2024?

Fennec Pharmaceuticals' revenue surged in Q1 2024 due to several key factors:

1. **Product Sales Growth**: The company's flagship product, PEDMARK, experienced a significant increase in sales. According to the earnings call, PEDMARK achieved net revenues of $7.3 million in Q2 2024, marking a 120% year-over-year increase. This substantial growth is a primary driver of the overall revenue surge.
2. **Exclusive Licensing Deal**: Fennec's exclusive licensing deal with Norgine for PEDMARQSI in Europe, Australia, and New Zealand is expected to bring in substantial revenue. Although the exact figures are not detailed, the deal has the potential to generate an additional $230 million. This strategic move is likely contributing to the revenue surge, as it opens up new markets and revenue streams for the company.
3. **Market Expansion**: Fennec is targeting community hospitals and infusion centers to treat older patients within their label and the NCCN guidelines. This targeted market expansion likely led to increased product uptake and revenue generation.

In conclusion, Fennec Pharmaceuticals' revenue surge in Q1 2024 can be attributed to the growth in product sales, especially PEDMARK, and the strategic licensing deal with Norgine. These factors, combined with targeted market expansion, have collectively contributed to the company's revenue growth.