Panacos lands $20m in financing

Panacos Pharmaceuticals Inc. said it has secured $20 million in debt financing.

The Watertown biotechnology company is focused on developing antiviral therapeutic products, and it said it has closed on a $20 million term loan agreement with Hercules Technology Growth Capital Inc., a California firm that provides debt and equity growth capital to technology companies.

"This financing extends Panacos' cash runway in a relatively non-dilutive form and provides us with additional strategic flexibility as we continue to advance our pipeline of antiviral programs," Panacos chief executive Alan W. Dunton said in a statement.
(By Chris Reidy, Globe staff)