Parnell Laboratories (Australia) Pty Ltd, a leading innovator in veterinary pharmaceuticals, has secured additional funding for a new manufacturing facility in Sydney’s inner south to support its growing export business.
Export Finance and Insurance Corporation (EFIC) , Australia’s export credit agency, has provided a financial guarantee to Parnell’s bank, NAB, to enable the bank to lend additional working capital funds to the exporter.
EFIC’s financial guarantee, known as EFIC Headway, enables eligible small and medium sized exporters like Parnell to access additional working capital from their bank, without requiring further security.
“We launched one of our major products Estroplan into the Dairy Industry in the USA on January 1, 2009. Year-to-date sales are double our expectations. Our international expansion is dependent on the construction of a world-leading pharmaceutical manufacturing facility which is a significant investment for Parnell and would not have been possible without the EFIC Headway working capital guarantee to supplement bank finance” said Parnell’s chief executive officer, Robert Joseph.
The new plant has extensive bio-security features, in order to meet the US Food and Drug Administration’s quality standards. It will be one of only three such facilities worldwide — excluding plants owned by the multi-national pharmaceutical companies — licensed by the US FDA to contract-manufacture pharmaceuticals for sale in the United States .
“Parnell Laboratories is a dynamic Australian company with nearly 50 years experience in the pharmaceutical industry,” said Angus Armour, EFIC’s managing director. “EFIC is delighted to help Parnell capitalise on its exciting export growth opportunities.”
“Through the EFIC Headway working capital guarantee, EFIC works with Australia’s leading banks to help SME exporters overcome working capital shortfalls and achieve further international success,” said Mr Armour.