Panacos Pharmaceuticals Inc. (PANC) Provides Corporate and Strategic Update  
2/24/2009 10:22:19 AM

WATERTOWN, Mass.--(BUSINESS WIRE)--Panacos Pharmaceuticals, Inc. (NASDAQ: PANC), today announced it 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.