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Parnell Acquires License for Intellectual Property and Rights to Develop Compounds for Bone and Dermal Regeneration
Date:7/24/2014

OVERLAND PARK, Kan., July 24, 2014 /PRNewswire/ -- Parnell Pharmaceuticals Holdings Ltd announces the successful licensing of two compounds that will be added to Parnell's already extensive pipeline through a license agreement with Australian-based CIMTECH Pty Ltd, a biotechnology company. The compounds now known as PAR 121 and PAR 122 have shown promise in bone regeneration and dermal regeneration, respectively. Parnell has received a license to develop the compounds for the veterinary market with the potential to also seek human drug approvals.

"We are excited to have completed this deal with CIMTECH which we feel supports our proposition that we can quickly and efficiently develop veterinary drugs due to our demonstrated competencies across the entire pharmaceutical value chain," says Robert Joseph, President and CEO. "This deal is consistent with our vision to discover, develop and deliver the best animal health solutions, and we look forward to many more licensing deals in the future."

Prior to licensing the compounds to Parnell, CIMTECH had undertaken pre-clinical studies for PAR121 that demonstrated a rapid formation of bone matrix in a rabbit ulna critical defect model. Compared to control subjects that did not heal, PAR121-treated subjects achieved new bone in-growth in just one week, and in bone grafting achieved new bone growth and remodeling in 6 weeks that would typically take 12 weeks. If Parnell is successful in developing PAR121 into a marketable drug, the financial implications could be significant; in the USA each year, over $1.5 billion is spent on canine knee surgeries alone. The ability to utilize a product that rapidly improves the speed of bone healing could be very significant.

Pre-clinical studies into PAR122 showed similarly impressive outcomes with a rapid and significant thickening of the epidermis in treated subjects and an impro
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SOURCE Parnell Pharmaceuticals Holdings
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