The bigger they are…

I can remember back in 2000 when this company was trading at $175. Today the stock is just over 3 cents. What a freakin shame. (Click here to see Panacos’ astonishing fall over the last 10 years).

Of course, Panacos has been dead for a while and the entrance into the Graveyard came in January when they sold Bevirimat to Myriad for a lousy $7M.

Today, Panacos announced they have nothing left. Spent. Kaput. The Black Hole. Das Ende. End of the line. No mas. la fin. The end is here. And with the abyss comes the potential sale of the company, the closing of their Maryland facility and the axing of 7 of its last 11 employees.

CEO Alan Dunton said this:

“The Company is taking these actions to help conserve capital as we continue to investigate potential financing and partnering options. The goal is to maximize the likelihood that Panacos’ proprietary antiviral programs, technology, and intellectual property will continue to be developed and commercialized, ultimately providing new treatment options for HIV patients. Jane and Graham have been critically important members of the executive team. I want to thank them and all of our employees for their contributions and loyalty to the Company, particularly in the face of such tough economic times. I wish them all the best in their future endeavors.”

It’s like the ghost of biotech past visits you and screams: BOO!!!

We cry.

Image from williamsburglanterntours

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