Panacos Pharmaceuticals Inc. (PANC) Announces Repayment of Hercules Loan
11/24/2008 9:59:42 AM
WATERTOWN, Mass.--(BUSINESS WIRE)--Panacos Pharmaceuticals, Inc. (NASDAQ: PANC), a biotechnology company dedicated to developing the next generation of antiviral therapeutic products, today announced it has negotiated terms to terminate its relationship with Hercules Technology Growth Capital, Inc. (NASDAQ: HTGC). This termination comes after negotiations between the two companies, which resulted from Hercules’ claim, delivered on November 19, 2008, that Panacos was in default of the terms of its June 2007 loan agreement. Panacos vigorously disputed the claim that a default had occurred, and in response Hercules has withdrawn its default notice.