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
DATASOURCE: Panacos Pharmaceuticals, Inc.
CONTACT: Peyton Marshall, Executive Vice President & CFO of Panacos Pharmaceuticals, Inc., +1-617-926-1551, Web site: http://www.panacos.com/
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