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Panacos to Repay $20M Loan

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.

Ryan McBride is Xconomy's correspondent. You can reach him at rmcbride@xconomy.com, or follow him on Twitter at http://twitter.com/Ryan_McBride.

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