Panacos to Report Second Quarter Results and Provide Development Update

2008-07-23 23:33:01 -

- Panacos Pharmaceuticals, Inc. (NASDAQ: PANC), a biotechnology company dedicated to developing the next generation of antiviral therapeutic products, will report its financial results for the second quarter of 2008 after the U.S. Financial Markets close on Wednesday, July 30, 2008. Following the announcement, Panacos will hold a conference call to discuss the results, as well as provide a development update. Alan W. Dunton, M.D., President and Chief Executive Officer, will host the call. -0- Date: Wednesday, July 30, 2008 Time: 4:30 p.m. Eastern Time Conference call access: Internet: www.panacos.com Domestic dial-in: 866.356.4281 International dial-in: 617.597.5395 Passcode: 68347559

A replay of the conference call will be available from 6:30 p.m. on July 30, 2008, through August 29, 2008, and can be accessed via the web at www.panacos.com or by dialing toll-free 888.286.8010, and interested parties outside the U.S. 617.801.6888 with passcode 24473243.

About Panacos

Panacos 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. Approximately 1 million people in the United States and approximately 33 million people worldwide are living with HIV. Approximately 475,000 patients are treated annually for HIV in the United States. Resistance to currently available drugs is one of the most pressing problems in HIV therapy and the leading cause of treatment failure. Panacos' proprietary discovery technologies are designed to combat resistance by focusing on novel targets in the virus life cycle, including virus maturation and virus fusion.

Panacos' lead candidate, bevirimat (PA-457), is the first in the new class of HIV drugs under development called maturation inhibitors, discovered by Company scientists and their academic collaborators. Bevirimat is designed to have potent activity against a broad range of HIV strains, and studies have shown bevirimat is a potent inhibitor of HIV isolates that are resistant to currently approved drugs. Panacos has completed 12 clinical studies with bevirimat in over 500 patients and healthy volunteers, showing significant reductions in viral load in HIV-infected patients and a promising safety profile. It is currently in Phase 2b clinical trials. The Company has completed a Phase 2b dose escalation study of bevirimat (Study 203) and determined the optimal dose range. The retrospective clinical data from Study 203 resulted in the discovery of the patient response predictors to bevirimat, which now has been confirmed in multiple laboratory analyses and the prospective study. The Company also has a second-generation program in HIV maturation inhibition and has selected a lead compound for preclinical development in its oral HIV fusion inhibitor program.

Panacos Pharmaceuticals, Inc.
Jane Pritchett Henderson, 617-926-1551
Chief Financial and Business Officer