Parnell Pharmaceuticals Holdings Ltd Announces Extension of Rights Offering

SYDNEY,Jan. 6,2023 -- Parnell Pharmaceuticals Holdings Ltd (OTC Pink® Open Market: PARNF) ("Parnell") today announced the extension of the backstopped rights offering to raise gross proceeds of approximately US$4.0 million (the "Rights Offering"). Under the terms of the Rights Offering,Parnell is extending the expiration date to Wednesday,January 11,2023 at 5:00 PM (Eastern Time) (subject to any limitations described in the offering circular). The Rights Offering was previously scheduled to expire on January 5,2023 at 5:00 PM (Eastern Time). All other terms and conditions of the Rights Offering remain unchanged.

For questions regarding the Rights Offering,please contact investorrelations@parnell.comor by telephone at +61 (1800) 665-882.

The securities described above will be offered in a private placement under Section 4(a)(2) of the Securities Act of 1933,as amended (the "Act"),and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws. Accordingly,such securities may not be offered or sold in the United States absent registration with the Securities and Exchange Commission ("SEC") or an applicable exemption from such registration requirements.

This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities in any jurisdiction,nor shall there be any sale,issuance or transfer of securities in any jurisdiction in contravention of applicable law or regulation.

About Parnell Pharmaceuticals Holdings Ltd

Parnell is a fully integrated,veterinary pharmaceutical company focused on developing,manufacturing and commercializing innovative animal health solutions. We currently manufacture and market five products for companion animals and production animals in 10 countries and augment our production animal pharmaceutical products with proprietary software platform mySYNCH®.

A copy of this press release can be found on Parnell's website at http://www.parnell.com.

Forward Looking Statements

This press release includes "forward-looking statements" within the meaning of the U.S. federal securities laws. Statements contained herein that are not clearly historical in nature are forward-looking,and the words "anticipate," "believe," "continues," "expect," "estimate," "intend," "project" and similar expressions and future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may," or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements speak only as of the date hereof and are based on Parnell's current plans,estimates of future events,expectations and trends that affect or may affect our business,financial condition,results of operations,cash flow,liquidity,prospects and the trading price of Parnell's common shares,and are subject to several known and unknown uncertainties and risks,many of which are beyond Parnell's control. As a consequence,current plans,anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this press release. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented. Parnell does not undertake any obligation to update publicly or to revise any forward-looking statements after we distribute this press release because of new information,future events,or other factors.