Panacos to Report Second Quarter Results for 2007WATERTOWN, Mass.--(BUSINESS WIRE)--Jul 24, 2007 - Panacos Pharmaceuticals, Inc. (NASDAQ:PANC), a biotechnology company dedicated to developing the next generation of antiviral therapeutic products, announced today that the Company will report its second quarter 2007 financial results after the U.S. Financial Markets close on Tuesday, July 31, 2007. Following the announcement, Panacos will hold a conference call to discuss the results and provide an update on the Company's development programs. Alan W. Dunton, M.D., Chief Executive Officer will host the call. -0-
Date: Tuesday, July 31, 2007 Time: 4:30 p.m. Eastern time-0-
Conference call access Internet: www.panacos.com Domestic dial-in: 800.561.2601 International dial-in: 617.614.3518
The conference call can be accessed via the web at www.panacos.com or by calling the conference dial-in between 4:15 and 4:25 p.m. and entering the passcode 13236911. A replay of the conference call will be available from 6:30 p.m. on July 31, 2007 through August 30, 2007, and can be accessed via the web at www.panacos.com or by dialing toll-free (888) 286-8010, and outside the U.S. (617) 801-6888 with passcode 14818744.
Panacos is developing the next generation of anti-infective products through discovery and development of small molecule oral drugs for the treatment of HIV and other major human viral diseases. HIV infects approximately 1.7 million people in North America and Western Europe and approximately 40 million people worldwide. Approximately 650,000 patients are treated annually for HIV in the United States and Western Europe. Resistance to currently available drugs is one of the most pressing problems in HIV therapy and the leading cause of treatment failure. Panacos' proprietary discovery technologies are designed to combat resistance by focusing on novel targets in the virus life cycle, including virus maturation and virus fusion.
Panacos' lead candidate, bevirimat (PA-457), is the first in a new class of oral HIV therapeutics under development called maturation inhibitors, discovered by Panacos scientists and their academic collaborators. Based on its novel mechanism of action, bevirimat is designed to have potent activity against a broad range of HIV strains, including those that are resistant to existing classes of drugs. The Company has completed seven clinical studies of bevirimat in over 300 subjects, showing significant reductions in viral load in HIV-infected subjects and a promising safety profile, and is currently in Phase 2b clinical trials. The Company also has a second-generation program in HIV maturation inhibition in clinical testing and a research program to develop oral HIV fusion inhibitors.
Posted: July 2007