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|Jill Smith||Peyton Marshall|
|Director, Corporate Communications||EVP and Chief Financial Officer|
Panacos Reports Second Quarter 2007 Financial Results
Watertown, MA (July 31, 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 ended June 30, 2007 and reviewed progress in its development programs.
Recent Business Highlights:
The Company announced preliminary results from the 250 mg cohort of a Phase 2b dose escalation study of bevirimat (PA-457) in patients failing HIV therapy due to drug resistance. The results of this cohort were in line with expectations and support further dose escalation as planned in order to fully explore the dose-response relationship of bevirimat.
Panacos began Phase 1 clinical testing of bevirimat in healthy volunteers to evaluate two novel liquid formulations of bevirimat suitable for long-term dosing.
The Company completed a bevirimat site of absorption study in humans. The results showed that bevirimat has a relatively long absorption window, with absorption occurring along the entire small bowel and to a lesser degree in the colon. The Company expects that these results will help in the selection of solid dosage formulations of bevirimat for human testing.
Panacos completed its Phase 1 clinical study of PA-040, the first of its second generation maturation inhibitors designed to target bevirimat-resistant strains of HIV observed from in vitro studies. The study showed that the molecule has a half life in humans of approximately 20 hours, suitable for once daily
The following information was filed by Panacos Pharmaceuticals, Inc. (PANC) on Tuesday, July 31, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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