Parnell Pharmaceuticals Holdings Ltd. announced that it has entered into a $20 million, senior secured, non-dilutive, term loan agreement with SWK Holdings. The company intends to use the loan proceeds to repay the previously held $11 million term loan with MidCap Financial and to fund R&D programs, commercialization of its Companion Animal products in the US and general company purposes. The loan was fully funded at closing and has a 48-month term, being interest-only for the first 24 months with interest payable quarterly in arrears. There are no warrants or equity instruments associated with the loan.