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

Published: Nov 03, 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.

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