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UPDATE 1-Panacos to pursue strategic options; chops workforce

Wed Dec 10, 2008 4:59pm EST

Dec 10 (Reuters) - Panacos Pharmaceuticals Inc PANC.O said it was exploring strategic alternatives, including the sale of the company, and slashed its workforce by about 55 percent to save capital.

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The biotech firm, which cut its workforce to 15 employees from 33, said it was seeking additional sources of capital to continue operations and that the alternatives included the sale of one of its several antiviral assets.

As of Dec. 8, the company's unrestricted cash, cash equivalents and marketable securities totaled about $4.7 million, it said in a statement.

Shares of the company closed down 3 percent at 17 cents Wednesday on Nasdaq. (Reporting by Anand Basu in Bangalore; Editing by Amitha Rajan)

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