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Jane Pritchett Henderson
Chief Financial and Business Officer
Panacos Reports Second Quarter 2008 Financial Results
Watertown, MA (July 30, 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 second quarter of 2008 and reviewed progress in its development programs.
We continue to make significant progress in bevirimats development program. We have identified the target patient population, and we are moving forward with confidence, said Alan W. Dunton, MD, President and Chief Executive Officer of Panacos. Using a simple and rapid genotype assay, we are able to identify the HIV patients prior to initiating treatment who should respond well and are the best candidates for bevirimat. Based on our recently announced prospective clinical study in HIV patients, we believe we have identified the ideal patient profile that will be incorporated into future clinical studies of bevirimat, including Phase 3 studies, pending regulatory concurrence. Additionally, we have created tablet formulations that we believe will allow all patients to reach the optimal plasma concentration and will be moving the formulations into the clinic. We also are actively seeking a partner for bevirimat to assist us with conducting the Phase 3 studies and to commercialize the product worldwide. Our next-generation maturation program has achieved a significant milestone as our scientists have identified several compounds that retain activity against polymorphisms in the molecular target, Gag.
On the corporate front, we have announced we transferred our Nasdaq listing to Nasdaq Capital Market from Nasdaq Global Market and are deferring for now any action on a reverse split, which was approved by our stockholders at our recent annual meeting. Also, we will explore partnership opportunities for our pipeline products to maximize shareholder value, concluded Dr. Dunton.
For the second quarter of 2008, Panacos reported a net loss of $9.7 million, or $0.18 per share, versus a net loss of $10.1 million, or $0.19 per share, for the second quarter of 2007. Revenue from research funding in the second quarter of 2008 decreased to $18,000 from $106,000 in the second quarter of 2007.
Research and development expenses in the second quarter of 2008 increased to $6.7 million from $6.2 million in the second quarter of 2007, due primarily to increased external expenditures in the Companys research and development programs. General and administrative expenses in the second quarter of 2008 decreased to $2.6 million from $3.5 million in the second quarter of 2007.
The following information was filed by Panacos Pharmaceuticals, Inc. (PANC) on Wednesday, July 30, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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