HIV, Life Sciences, Panacos Pharmaceuticals

Panacos Pharma Plans Layoffs

Ryan McBride 12/11/08

Panacos Pharmaceuticals (NASDAQ:PANC), a Watertown, MA-based developer of drugs for HIV, announced that it plans to immediately reduce its workforce to 15 workers from 33 employees to manage its capital while the firm seeks such strategic options as a financing, partnership, sale of the company, or sale of certain assets. Last month Panacos said that it agreed to repay $17.9 million of a $20 million loan from Hercules Technology Growth Capital and that it would consider restructuring the company, among other options.

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.