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Biotech / Medical : Panacos Pharmaceuticals (PANC) -- Ignore unavailable to you. Want to Upgrade?

To: Robohogs who wrote (25)	6/28/2007 10:06:56 PM
From: rkrw	Read Replies (1) \| Respond to of 53

I own shares of Hercules, their terms will be fair. HTGC pays a fat dividend (what's that?) and fun to watch where they put their life sciences money to work. Public biotechs rarely go away, they'll likely be repaid even if panc bombs.

To: Robohogs who wrote (25)	6/29/2007 11:56:20 AM
From: tuck	Read Replies (1) \| Respond to of 53

In for a little at $3.30, FWIW. Cheers, Tuck

To: Robohogs who wrote (25)	6/29/2007 3:59:05 PM
From: tuck	Respond to of 53

>>On June 28, 2007, Panacos Pharmaceuticals, Inc. entered into a $20 million senior secured term loan with Hercules Technology Growth Capital, Inc., a Maryland corporation. In connection with the loan, Panacos entered into a Loan and Security Agreement, dated as of June 28, 2007, by and between Hercules as lender and Panacos as the borrower. Pursuant to the Loan and Security Agreement, the loan has a maturity date of January 3, 2011. Panacos is eligible to receive a 6-month extension of the final maturity date of the loan if it achieves certain milestones. The loan will bear interest at a rate of 11.20% and Panacos will have a 12 month interest-only period for payments under the loan, which shall be extendable to 15 months if certain milestones are achieved. $10,000,000 of the principal amount of the loan has been funded by the lender at the closing, and the remaining $10,000,000 in principal amount must be drawn in full by September 30, 2007. Panacos has granted the lender a first priority security interest in all of its assets with the exception of its intellectual property, specific lien financing up to $2,000,000 and standard permitted liens, provided that the lender will receive a security interest in the proceeds from the sale of any intellectual property and Panacos may not pledge its intellectual property to another lender. In connection with the Loan and Security Agreement, Panacos has also issued to Hercules a warrant to purchase 646,900 shares of Panacos’ common stock, $0.01 par value per share, at an exercise price of $3.71 per share, equal to the volume-weighted average of the closing prices for the common stock for the three trading days preceding the closing of the loan. The warrant and the underlying shares of common stock are being issued pursuant to this prospectus supplement. If the warrant is exercised in full for cash, Panacos would receive $2,400,000 in proceeds. The warrant may also be “net” or “cashless” exercised through the surrender of all or a portion of the warrant for shares of common stock. The warrant will expire at the latest in five years from the date of issuance; provided that if the warrant has not been exercised prior to the expiration date, it will be deemed to have been automatically exercised immediately prior to its expiration. In the event of a merger or consolidation involving Panacos in which Panacos is not the surviving entity, or in which the outstanding shares of Panacos’ capital stock are otherwise converted into or exchanged for shares of capital stock of another entity, or a sale by Panacos of all or substantially all of its assets, the holder of the warrant shall be entitled to receive, upon exercise, the number of shares of common stock or other securities or property of the successor corporation resulting from the merger event that would have been issuable if the holder had exercised the warrant immediately prior to the event.<< sec.gov From a filing yesterday. OK, 11.2% is pretty darn high, perhaps that is what is spooking investors. Nevertheless, I added some more at $3.15. I mean after all, it's not toxic. Cheers, Tuck