OVERLAND PARK, Kan., Dec. 19, 2014 (GLOBE NEWSWIRE) -- Parnell Pharmaceuticals Holdings Ltd (Nasdaq:PARN), a fully integrated pharmaceutical company focused on developing, manufacturing and commercializing innovative animal health solutions, reported today that Robert Joseph, President and Chief Executive Offer, and Brad McCarthy, Chief Financial Officer, have each adopted a prearranged trading plan effective December 15, 2014 in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 and Parnell policy. The 10b5-1 plans call for the personal purchase of shares of company stock by Mr. Joseph and Mr. McCarthy in market transactions which commenced on December 17, 2014.
"I believe strongly in Parnell's prospects for continued growth and success, as the company continues to advance our diversified animal health product pipeline and expand our commercial activities in the U.S. and worldwide," said Mr. Joseph. "This is not a Parnell-sponsored stock repurchase, it is personal purchases of PARN stock by Brad and I based on our confidence in Parnell. We have adopted the 10b5-1 plans to ensure the highest level of integrity in our trading."
Rule 10b5-1 permits officers and directors of public companies to adopt written plans for buying or selling securities in a non-discretionary, prescheduled manner when they are not in possession of material nonpublic information in order to gradually diversify their investment portfolio, to minimize the market effect of stock purchases or sales and to avoid concerns about initiating stock transactions while in possession of material nonpublic information.
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.
For more information on Parnell and its products, please visit www.parnell.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and information within the meaning of the U.S. Private Securities Reform Act of 1995. Words such as "may," "anticipate," "estimate," "expects," "projects," "intends," "plans," "develops," "believes," and words and terms of similar substance used in connection with any discussion of future operating or financial performance identify forward-looking statements. Forward-looking statements represent management's present judgment regarding future events and are subject to a number of risk and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, risks and uncertainties regarding Parnell's research and development activities, its ability to conduct clinical trials of product candidates and the results of such trials, as well as risks and uncertainties relating to litigation, government regulation, economic conditions, markets, products, competition, intellectual property, services and prices, key employees, future capital needs, dependence on third parties, and other factors, including those described in Parnell's Annual Report on Form 20-F filed with the Securities and Exchange Commission, or SEC, on September 15, 2014, along with our other reports filed with the SEC. In light of these assumptions, risks, and uncertainties, the results and events discussed in the forward-looking statements contained in this press release might not occur. Investors are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this press release. Parnell is under no obligation, and expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.
CONTACT: Parnell Pharmaceuticals Holdings Brad McCarthy, 913-274-2100 firstname.lastname@example.org BCC Partners Karen Bergman, 650-575-1509 email@example.com Susan Pietropaolo, 845-638-6290 firstname.lastname@example.org
Source:Parnell Pharmaceuticals Holdings Ltd