Panacos to Report First Quarter Results for 2008

Panacos Pharmaceuticals, Inc. (NASDAQ:PANC), a biotechnology company dedicated to developing the next generation of antiviral therapeutic products, today announced that the Company will report its financial results for the first quarter of 2008 after the U.S. Financial Markets close on Thursday, April 24, 2008. Following the announcement, Panacos will hold a conference call to discuss the results. Alan W. Dunton, M.D., President and Chief Executive Officer, will host the call.

Date: Thursday, April 24, 2008

Time: 4:30 p.m. Eastern time

Conference call access:

Internet: www.panacos.com

Domestic dial-in: 800.299.6183

International dial-in: 617.801.9713

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 94359435. A replay of the conference call will be available from 6:30 p.m. on April 24, 2008 through May 23, 2008, 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 78530176.

About Panacos

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. Approximately 1 million people in the United States and approximately 33 million people worldwide are living with HIV. Approximately 475,000 patients are treated annually for HIV in the United States. 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 11 clinical studies of bevirimat in over 485 patients and healthy volunteers, showing significant reductions in viral load in HIV-infected patients 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 and has selected a lead compound for preclinical development in its oral HIV fusion inhibitor program.