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NEWS 2004

[12/10/2004]

Panacos Pharmaceuticals Announces Initiation of Phase 2 Clinical Development of its HIV Drug Candidate, PA-457

GAITHERSBURG, MD, December 10, 2004 /PRNewswire/ -- Panacos Pharmaceuticals, Inc. today announced the initiation of a Phase 2a clinical trial of PA-457, the first in a new class of HIV drug candidates called Maturation Inhibitors. Institutional Review Board (IRB) and other approvals have been received and the study is now open for enrollment. Panacos plans to complete dosing of all patients during Q1, 05.

The study, to be performed at several sites in the U.S., is designed to demonstrate the antiviral potency of PA-457 following once-daily oral dosing for 10 days in HIV-infected patients who are not on other antiretroviral therapy. Panacos recently announced positive results from a Phase I/II clinical trial in HIV-infected patients. Following a single oral dose of PA-457, a significant reduction in viral load from baseline, of up to approximately 0.7 log10, was seen in patients receiving the higher dose levels. The Company also recently completed a Phase Ib clinical trial of PA-457 administered orally once a day for 10 days to uninfected volunteers. The drug candidate was well tolerated and plasma concentrations of PA-457 reached levels significantly greater than those predicted to provide a therapeutic benefit in HIV-infected patients. Both of those studies have been selected for presentation at the 12th Conference on Retroviruses and Opportunistic Infections to be held in Boston, MA during February, 2005.

“Initiation of Phase 2 development of PA-457 is a major milestone for the Company,” commented Dr. David E. Martin, VP, Drug Development at Panacos. “This study builds on our recent rapid progress, generating encouraging safety and pharmacokinetic data from the Phase Ib study and demonstrating a reduction in viral load following a single oral dose in HIV-infected patients in the Phase I/II study. PA-457 has a long half-life in the body, resulting in significantly increased plasma concentrations following repetitive daily dosing. Therefore, we expect to see an even greater viral load reduction when PA-457 is administered on a daily basis for several days or more.” Results of the Phase 2a clinical trial are expected in Q2, 2005. During the second half of 2005, Panacos intends to initiate Phase 2b studies of PA-457 designed to pave the way for pivotal Phase 3 studies.

PA-457 is the first in a new class of oral HIV drugs discovered by Panacos scientists that inhibit virus maturation, the last stage of the virus life cycle. It is designed to combat drug resistance, which occurs in most HIV patients treated with currently available drugs and is the leading cause of treatment failure. PA-457 works by a mechanism different from that of any approved drug or other drug in development, by blocking a key step in the processing of a viral core protein called capsid. Preclinical studies have shown that PA-457 retains full activity against drug-resistant virus, is effective in an animal model of HIV infection and should be suitable for use in combination therapy with other drugs.

About Panacos

Panacos Pharmaceuticals is engaged in the discovery and development of small molecule oral drugs for the treatment of HIV and other major human viral diseases. Panacos’ proprietary discovery technologies focus on novel targets in the virus life cycle, including virus fusion and virus maturation, the first and last steps of viral infection.

On June 2, 2004, Panacos Pharmaceuticals entered into a definitive merger agreement with V.I. Technologies, Inc. (Nasdaq: VITX), a biotechnology company dedicated to developing novel anti-infective technologies. The terms of the merger were amended on November 5, 2004, November 29, 2004 and December 8, 2004. The transaction is expected to close in the first quarter of 2005 and is subject to the approval by shareholders of both companies and other customary closing conditions.

More information on Panacos is available at www.Panacos.com.

http://www.panacos.com/