Just two months after laying off 18 of its 33 staff members, the struggling Panacos is set to pull out the axe once again. The Watertown, MA-based company says it will cut its staff down to four and shutter its Gaithersburg, Maryland facility, effective February 27. Panacos has hired Oppenheimer & Co to help explore options, which includes selling its preclinical HIV program or the entire company.
The company sold its only clinical stage candidate--bevirimat, the experimental HIV therapy--to Myriad Pharmaceuticals for $7 million last month. But Panacos warned that it may not be able to survive beyond the second quarter unless it strikes another deal soon.
Among those who will be leaving are Chief Financial and Business Officer, Jane Pritchett Henderson, who joined the company just over a year ago and COO Graham Allaway, who co-founded the company in 1999.
- read the Panacos release
- check out the GEN article