Parnell Pharmaceuticals Holdings Ltd Announces Financial Results For The Nine-Month Period Ended September 30, 2016

OVERLAND PARK, Kansas, Nov. 02, 2016 (GLOBE NEWSWIRE) -- Parnell Pharmaceuticals Holdings Ltd (NASDAQ:PARN) , a fully integrated, commercial-stage pharmaceutical company focused on developing, manufacturing and marketing innovative animal health solutions, today announced financial results for the first nine months of 2016 including; strong revenue growth of 62% to $13.8 million, promising results from studies for Zydax for cats, PAR121 and PAR122 as well as the launch of Reviderm™ and agreement of terms on a new $US20 million debt facility.

President and CEO, Robert Joseph commented, "Once again, Parnell has announced strong financial results with revenues of $13.8 million for the first nine-months of 2016; growth of 62% compared to the same period in 2015.  We have also made adjustments to our operating costs, which we anticipate will allow us to deliver the previously announced expectation of turning profitable in 2017, before the launch of Zydax.  We believe that, with the planned closing of a new $US20 million debt facility, Parnell is well positioned to deliver significant accretion to shareholder value.

Our sales organization continues to demonstrate the success of our differentiated commercialization strategy; combining great veterinary products with innovative digital technology solutions.  We now have hundreds of thousands of cows enrolled in the mySYNCH app and over 10,000 pet parents using FETCH.  We were excited to recently launch Reviderm™; a unique antimicrobial liquid bandage that we believe has an array of applications and has garnered significant interest from veterinarians already.

Since the commencement of our Contract Manufacturing, or CMO, operations in Q2, 2016, we have continued to source new potential contracts and we are hopeful that 2017 will be another strong year for CMO operations.

Our R&D team once again had a strong quarter delivering positive results for our Zydax franchise including successful completion of a safety trial in cats and commencement of a pilot efficacy study for treating osteoarthritis in cats.  We are also running additional studies for Zydax for dogs that if successful could lead to an expanded label.  The R&D team also completed successful in-vitro and in-vivo studies for PAR121 and PAR122 respectively.

If you liked this article you might like

3 Stocks Pushing The Drugs Industry Lower

3 Stocks Improving Performance Of The Drugs Industry

3 Stocks Pushing The Health Care Sector Higher