Panacos Pharmaceuticals (NASDAQ:[[ticker: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:[[ticker: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.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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