Healthcare Industry News: Noven Pharmaceuticals
News Release - April 16, 2007
Panacos Announces New Board MemberWATERTOWN, Mass.--(HSMN NewsFeed)--Panacos Pharmaceuticals, Inc. (NASDAQ:PANC ), a biotechnology company dedicated to developing the next generation of antiviral therapeutic products, today announced that Robert G. Savage has been appointed to Panacos' Board of Directors.
Mr. Savage is currently the President of Strategic Imagery LLC, a consulting company focused on shaping creative solutions to complex issues. Mr. Savage has over 30 years' experience in the pharmaceutical industry, with a variety of senior roles at major pharmaceutical companies. Previously, he was Group Vice President and President for the General Therapeutics and Inflammation Business of Pharmacia Corporation, a research-based pharmaceutical firm acquired by Pfizer Inc. in April 2003. From September 1996 to January 2002, Mr. Savage held several senior positions with Johnson & Johnson, including Worldwide Chairman of the Pharmaceuticals Group, Company Group Chairman responsible for the North America pharmaceuticals business, President, Ortho-McNeil Pharmaceuticals, and Vice President Sales & Marketing. Mr. Savage also serves as a director for Noven Pharmaceuticals, lead director for The Medicines Company and is Non-Executive Chairman of the Board of EpiCept Corporation. Mr. Savage received a B.S. in biology from Upsala College and an MBA from Rutgers University.
"I am pleased to welcome Bob to the Panacos board," said Alan W. Dunton, M.D., Panacos' Chief Executive Officer. "His history of success in the strategic positioning and launching of new pharmaceutical products will be invaluable to Panacos as we continue to build our pipeline. In addition to his commercial background, he brings Panacos deep experience in corporate development at both large and small pharmaceutical companies."
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.
Except for the historical information contained herein, statements made herein, including those relating to bevirimat's clinical development, the potential results of treatment with bevirimat and future clinical trials and clinical practice are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks as set forth in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2006. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein. The Company undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law.
Source: Panacos Pharmaceuticals
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