WATERTOWN, Mass., Sept. 6 /PRNewswire-FirstCall/ -- Panacos
Pharmaceuticals, Inc. (Nasdaq: PANC) ("Panacos" or "the Company"), a
biotechnology company dedicated to developing the next generation of antiviral
therapeutic products, today announced that it has filed a shelf registration
statement on Form S-3 with the Securities and Exchange Commission (SEC) which,
when declared effective by the SEC, will allow Panacos from time to time to
offer and sell up to $50 million of equity securities. The terms of any
offering made pursuant to this filing will be established at the time of the
offering. The Company intends to use the proceeds from the sale of any
securities to fund its internal discovery and development programs including
the clinical development of its HIV therapeutic drug candidate PA-457, and for
other general corporate purposes.
The shelf registration statement filed today with the SEC has not yet
become effective. No securities may be sold, nor may offers to buy be
accepted, prior to the time the registration statement becomes effective. This
press release shall not constitute an offer to sell or a solicitation of an
offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which an offer, solicitation or sale would be unlawful prior
to registration or qualifications under the securities laws of any such
jurisdiction.
About Panacos Pharmaceuticals
Panacos, formerly known as V. I. Technologies, Inc. or VITEX, 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. Panacos' proprietary discovery technologies
and lead therapeutic candidate PA-457 focus on novel targets in the virus life
cycle, including virus fusion and virus maturation. For more information on
Panacos, please visit our web site at: http://www.panacos.com.
Except for the historical information contained herein, the matters
discussed are forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. These
statements involve risks and uncertainties, such as the progress of clinical
development of PA-457, and the timing of results of clinical trials, the
execution of the Company's financing plans, the potential role of PA-457 in
treatment of HIV patients, the timely availability of new products, market
acceptance of the Company's products, the impacts of competitive products and
pricing, government regulation of the Company's products, the Company's
ability to complete product development collaborations and other strategic
transactions and other risks and uncertainties set forth in the Company's
filings with the Securities and Exchange Commission. These risks and
uncertainties could cause actual results to differ materially from any
forward-looking statements made herein.
CONTACT:
Peyton Marshall
Executive Vice President & CFO
617-926-1551
pmarshall@panacos.com
SOURCE Panacos Pharmaceuticals, Inc.
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Related links:
http://www.panacos.com
CONTACT:
Peyton Marshall, Executive Vice President &
CFO of Panacos Pharmaceuticals, Inc., +1-617-926-1551,
pmarshall@panacos.com
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