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Senior Director, Corporate Communications
Panacos Reports Fourth Quarter and Full Year 2007 Results
Watertown, MA (March 4, 2008) Panacos Pharmaceuticals, Inc. (NASDAQ: PANC), a biotechnology company dedicated to developing the next generation of antiviral therapeutic products, today announced its financial results for the quarter and year ended December 31, 2007 and reviewed progress in its development programs.
We have accomplished a great deal in the past several months, said Dr. Alan W. Dunton, Panacos President and Chief Executive Officer. In addition to wrapping up our dose escalation of bevirimat, we have successfully determined the means to identify patients who are likely to respond to bevirimat, which will help in future studies of our lead compound and will fit into practice patterns for HIV physicians. Additionally, we have selected a lead compound in our first-in class oral HIV fusion inhibitor program. On the corporate front, we are confident we now have the right team of people in place to see bevirimat through to commercialization.
For the fourth quarter of 2007, Panacos reported a net loss of $9.3 million or $0.17 per share versus a net loss of $8.7 million or $0.17 per share for the fourth quarter of 2006. Revenue from research funding in the fourth quarter of 2007 decreased to $22,000 from $25,000 for the fourth quarter of 2006. Net loss for the 12 months ended December 31, 2007 was $37.5 million or $0.70 per share, compared to $38.1 million, or $0.75 per share for the 12 months ended December 31, 2006.
Research and development expenses in the fourth quarter of 2007 decreased to $6.2 million from $6.6 million in the fourth quarter of 2006, primarily as a result of decreased activity in the Companys development programs. Research and
The following information was filed by Panacos Pharmaceuticals, Inc. (PANC) on Tuesday, March 4, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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