Panacos Pharmaceuticals (PANC) Hires Oppenheimer & Co. to Review Strategic Alternatives; Reduces Workforce

February 23, 2009 4:14 PM EST
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Panacos Pharmaceuticals, Inc. (NASDAQ: PANC) has engaged Oppenheimer & Co. Inc. to advise the Company on strategic alternatives, which may include the sale of Panacos or its HIV development programs. In addition, the Company will close its Gaithersburg facility and reduce its workforce from eleven to four employees, effective February 27, 2009.

Among the departing employees are Chief Financial and Business Officer, Jane Pritchett Henderson, who joined the Company in January 2008, and Graham P. Allaway, PhD, Chief Operating Officer, who has served in this capacity since 2005 but was also a founder of the Company in 1999 and has been the lead scientist for Panacos' development programs.

Panacos is developing the next generation of anti-infective products through discovery and development of small molecule oral drugs for the treatment of HIV and other major human viral diseases.[SM]

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