PARNF - Parnell Pharma to raise $4M from private offering

• Parnell Pharma ( OTC:PARNF ) said on Wednesday it was privately offering to raise gross proceeds of about $4M.
• Each subscription right may be exercised to purchase 1.8585 ordinary shares at a subscription price equal to $0.075 per share, the company said.
• The rights offering will be fully backstopped by existing investor DW Healthcare Partners and DW Healthcare Affiliates.
• DW Healthcare Partners has agreed to purchase all the Ordinary Shares that have not been validly subscribed for by other holders.

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