PARK CITY, Utah, Feb. 1, 2021 /PRNewswire/ --DW Healthcare Partners ("DWHP") a healthcare-focused private equity firm, announced the completion of its investment in Parnell Pharmaceuticals Holdings Ltd (OTC: PARNF) ("Parnell" or the "Company"). Founded over 50 years ago in Australia, Parnell is a fully integrated manufacturer and developer of animal health pharmaceuticals focused on the US market.

"Parnell has an attractive position with an FDA approved manufacturing facility dedicated to animal health drugs with a particular focus on sterile injectables," said Eric Moore, Principal at DWHP. "Alan and Brad have done a great job building a quality and compliance culture at the Company and over the last three years have dramatically transformed the organization. We look forward to helping them accelerate growth in the coming years."

"We are very excited to partner with Alan, Brad, and the rest of the Parnell team. We look forward to leveraging our experience in animal health to help support Parnell and believe there is significant opportunity to expand the product portfolio in order to strengthen the Company's partnership with its customers," said Doug Schillinger, Managing Director at DWHP.

"DWHP's entry to the Parnell share register is an exciting breakthrough moment for the Company and its shareholders. DWHP has widely demonstrated its investment prowess in healthcare and the faith that Doug, Eric and everyone at DWHP has placed in Parnell is both an endorsement of our strategy and a recognition that we have one of the most dynamic and dedicated teams in our industry. The DWHP expansion of our Board of Directors and capital structure strengthens us in our mission - to build success for our customers," said Dr. Alan Bell, Parnell's Executive Chairman.

"The completion of DWHP's investment in Parnell marks another major milestone in the achievement of our long-term strategy," said Brad McCarthy, Parnell's Chief Executive Officer. "For the last three years we have focused on turning the organization around; growing top line whilst further enhancing our manufacturing and digital capabilities. Having achieved this, the next step was to find a partner who could not only provide the financial strength and industry expertise to help take us to the next stage, but one who also shared the passion and cultural values that Parnell has for the animal health industry. We believe we have clearly found that in DWHP and I'm extremely excited to be taking the next phase of our journey with Doug, Eric, Jay and the entire DWHP team."

Concurrent with the close, Jay Benear, Doug Schillinger, and Eric Moore will join Alan Bell and Brad McCarthy on the Board of Directors at Parnell. Parnell represents the fourth investment in DWHP's fifth fund.

About Parnell

Parnell (OTC: PARNF) is a fully integrated pharmaceutical company focused on developing, manufacturing and commercializing innovative animal and human health solutions. Parnell is a technology and clinical science leader in dairy reproduction, marketing its proprietary brands estroPLAN and GONAbreed via its dedicated sales force and digital technology mySYNCH in the USA and Australia-New Zealand, and via distributors in other markets. Parnell has a rapidly growing contract manufacturing business supplying industry majors with specialized sterile injectable products. In companion animal, Parnell manufactures and markets its proprietary canine osteoarthritis brands Zydax and Glyde. For more information, please visit: parnell.com

About DW Healthcare Partners

DW Healthcare Partners is a private equity firm focused exclusively on the healthcare industry. The firm manages over $1.43 billion in aggregate capital commitments and invests in leading healthcare companies with proven management teams. DW Healthcare Partners is led by seasoned healthcare executives with more than 120 years of combined industry experience. The firm provides the capital, strategic guidance, and acquisition expertise to help mid-stage companies realize their growth potential. For more information, please visit: dwhp.com

Forward-Looking Statements

This press release contains forward-looking statements regarding our future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding future results of the operations and financial position of the Company, including financial targets, business strategy, and plans and objectives for future operations, are forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from the results predicted. New risks emerge from time to time. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated.

SOURCE DW Healthcare Partners V, L.P.

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