Panacos to Repay $20M Loan

11/24/08

Panacos Pharmaceuticals (NASDAQ:PANC), a Watertown, MA-based developer of antiviral drugs for HIV, says that it has agreed to repay $17.9 million in outstanding principal, interest, and fees on a $20 million loan granted to the firm in June 2007. The repayment, which Panacos expected to execute today, follows lender Hercules Technology Growth Capital’s (NASDAQ:HTGC) claim that the company had defaulted on the terms of the loan. Panacos, which ended the third quarter with $26.9 million in cash and cash equivalents, says it is seeking partnerships and is considering options such as restructuring the company.

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