Parnell Accelerates Expansion Plans
OVERLAND PARK, Kan., Feb. 3, 2014 /PRNewswire/ --Parnell, Inc. has announced further expansion plans of its North American operations based in Overland Park, Kansas. Robert Joseph President & CEO said; "This week we completed a $25m debt refinancing with SWK Holdings, Corporation based in Dallas, Texas. This capital transaction will ensure the continued expansion of our dairy franchise and fund our varied pipeline across companion animal and production animal products". "SWK is very pleased to partner with Parnell to support the build out of the company's animal health franchise with non-dilutive capital," said Brett Pope, CEO of SWK Holdings Corporation. "The combination of the company's innovative dairy hormone business, excellent management team and global distribution provide a compelling platform for future value creation."
Parnell entered the US market in early 2013 with the launch of Estroplan® (cloprostenol sodium) and Gonabreed®(gonadorelin acetate); the first products approved for synchronizing estrous cycles in both dairy and beef cows to allow for fixed time artificial insemination. Parnell is also progressing the development and approval of Zydax® a drug that is expected to treat the clinical signs of osteoarthritis in dogs and horses. In addition to these two key platforms, Parnell has a deep pipeline of innovative therapies covering anesthesia, laminitis, orthopedics, mastitis, and reproductive hormones.
In conjunction with Parnell's investment in R&D and product approvals, Parnell has recently expanded its senior management team with the appointment of Matthew Musselman as Vice President; Global Marketing. Robert Joseph, said "we are tremendously excited to have such a high caliber executive join our team. Matt will bring a depth and breadth of commercial experience that will consolidate our position as a leader and innovator in the animal health industry. Musselman spent nine years with Boehringer Ingelheim – Vetmedica in St Joseph, MO and was recently Executive Director of companion animal. Prior to that Matt had eight years as Director, Dairy Business for Farmland Industries making him the ideal candidate to oversee Parnell's diverse portfolio. Matt will direct Parnell's marketing division across all global markets and therapeutic platforms and will be a key member of the Executive Leadership Team.
Along with the appointment of Musselman, Parnell also announced several new positions across finance, sales, marketing, regulatory and clinical science including a new senior position of Chief Scientific Officer. "This role will be an integral part of our organization and we look forward to appointing a highly accomplished individual to drive our R&D pipeline and company expansion" says Joseph. "It is a busy period for recruitment at Parnell, with a number of open positions. It's exciting to see the caliber of candidates and we look forward to strengthening our team with experienced people."
Since Parnell's founding in Australia 50 years ago, Parnell has developed and launched more than 60 products for companion, production and performance animals. Parnell operates a fully integrated pharmaceutical company with expertise in R&D, Clinical Trials, Regulatory, FDA-approved sterile and non-sterile manufacture and a sales & marketing presence in over 15 countries. Parnell has a strong heritage in cattle reproduction and companion animal osteoarthritis and is developing innovative solutions for anesthesia, orthopedics, laminitis and mastitis. Parnell's "new day, new solution" approach to developing products helps animal owners, in partnership with their veterinarians; improve the wellbeing of companion animals and the efficiency of production animals. Robert Joseph is the President and Chief Executive Officer of Parnell, headquartered in Overland Park, Kansas.
About SWK Holdings Corporation
SWK Holdings Corporation is a specialized finance company with a focus on the global healthcare sector. SWK partners with ethical product marketers and royalty holders to provide flexible financing solutions at an attractive cost of capital to create long-term value for both SWK's business partners and its investors. SWK believes its financing structures achieve an optimal partnership for companies, institutions and inventors seeking capital for expansion or capital and estate planning by allowing its partners to monetize future cash flow with minimal dilution to their equity stakes. Additional information on the life science finance market is available on the Company's website at www.swkhold.com.
SOURCE Parnell, Inc.