Panacos Pharmaceuticals (NASDAQ:[[ticker: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.
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.
View all posts by Ryan McBride
