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Life Sciences, Layoffs, HIV

Panacos Cuts Workers, Shutters MD Facility

Ryan McBride 2/24/09

Panacos Pharmaceuticals (NASDAQ:PANC), a Watertown, MA-based developer of drugs for HIV, says that it will shutter its Gaithersburg, MD, facility and cut its work force from 11 to four employees to conserve cash. Panacos has also hired investment banking firm Oppenheimer to advise the company about such strategic options such as the sale of Panacos or its HIV development programs. We’ve updated our Boston Layoff Tracker with this latest news.

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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