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

vement in acute wound healing. A drug developed with the PAR122 compound could be used to rapidly repair skin and therefore may be useful in treating conditions such as atopic dermatitis, a very common condition in dogs, typically caused by flea allergy.

CEO & President Robert Joseph said that if successfully developed, both compounds may become blockbuster products given there is nothing else like them in the veterinary market. They could also potentially be developed for human use.

The licenses is perpetual and exclusive and provides Parnell worldwide rights to market any resulting veterinary and/or human drugs as well as a right to sub-license to third parties. In order to retain the licence Parnell must continue to undertake development of the compounds each year and will bear all costs of; drug development, intellectual property, drug approvals and commercialization. Parnell will pay $100,000 as an upfront payment to CIMTECH and up to a further $1.9 million in milestone payments plus a single digit royalty on all Net Revenues received by Parnell from all drug sales (veterinary and human).

About Parnell

Parnell (NASDAQ: PARN) is a fully integrated pharmaceutical company focused on developing, manufacturing and commercializing innovative animal health solutions. Parnell currently markets five products for companion animals and production animals in 14 countries and augments its pharmaceutical products with proprietary software platforms - iKAM and mySYNCH. These innovative technology solutions are designed to enhance the quality of life or performance of animals, while driving customers' operational efficiency and profitability. Parnell believes its value-added solutions help establish them as a business partner with customers rather than only as a commodity provider, differentiating them from competitors.

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SOURCE Parnell Pharmaceuticals Holdings
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