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Director, Corporate Communications
Executive Vice President & CFO
Panacos Reports Fourth Quarter and Full Year Results for 2005
Company Updates Progress Toward Initiating PA-457 Phase 2b Clinical Trial
Watertown, MA (February 14, 2006) 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, 2005.
For the fourth quarter of 2005, Panacos reported a net loss of $8.3 million or $0.17 per share versus a net loss of $4.5 million which resulted in a $3.49 net loss per share for the fourth quarter of 2004. Revenue from research funding in the fourth quarter of 2005 declined $0.3 million to $0.2 million, versus $0.5 million for the fourth quarter of 2004 as a result of lower NIH grant funding in 2005 and completion of work performed under other NIH grants in the second quarter of 2005.
Research and development expenses in the fourth quarter of 2005 increased to $7.0 million from $4.4 million in the fourth quarter of 2004, primarily as a result of a non-cash stock compensation charge of $2.4 million associated with the resignation of the Companys Chief Science Officer announced in November 2005. General and administrative expenses in the fourth quarter of 2005 increased to $2.2 million from $0.6 million in the fourth quarter of 2004, primarily as a result of adding the public company infrastructure of V.I. Technologies, Inc. as a result of the merger in March 2005.
Unrestricted cash and cash equivalents were $87.1 million at December 31, 2005. As of December 31, 2005 the Company had approximately 49.9 million common shares outstanding.
The following information was filed by Panacos Pharmaceuticals, Inc. (PANC) on Tuesday, February 14, 2006 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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