Exhibit 99.1

 

CONTACT:    

Jill Smith

Director, Corporate Communications

240.449.1250

jsmith@panacos.com

 

Peyton Marshall

EVP and Chief Financial Officer

617.926.1551

pmarshall@panacos.com

Panacos Reports Fourth Quarter and Full Year 2006 Financial Results

Watertown, MA (February 21, 2007)

– 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, 2006 and reviewed progress in its development programs.

Recent Business Highlights:

 

   

The Company announced the appointment of Alan W. Dunton, M.D. as Chief Executive Officer. Dr. Dunton has over 23 years of experience in drug development, has held senior management positions at Roche and Johnson & Johnson, including President and Managing Director of the Janssen Research Foundation, and was most recently CEO of Metaphore Pharmaceuticals. His career has been highlighted by leadership roles in the development and approval of the prescription drugs LEVAQUIN, TOPAMAX, REMINYL, REGRANEX, and RISPERDAL, as well as the successful OTC product ALEVE.

 

   

The Company announced preliminary results from the first cohort of the Phase 2b study of its lead compound, bevirimat, for the treatment of HIV. The results confirmed the clinical antiviral activity of bevirimat shown in previous studies, and extended this to patients failing therapy due to drug resistance. However, the prototype tablet formulation used in the study did not provide the expected drug exposures. Discussions are ongoing with FDA with regard to Panacos’ plan to continue dose-escalation in its Phase 2b bevirimat clinical trial during 2007, using a different formulation.

 


The following information was filed by Panacos Pharmaceuticals, Inc. (PANC) on Wednesday, February 21, 2007 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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