Panacos Appoints Peyton Marshall Executive Vice President and CFO
August 18 2005 - 9:01AM
PR Newswire (US)
WATERTOWN, Mass., Aug. 18 /PRNewswire-FirstCall/ -- Panacos
Pharmaceuticals, Inc. (NASDAQ:PANC) ("Panacos" or "the Company"), a
biotechnology company dedicated to developing the next generation
of antiviral therapeutic products, today announced the appointment
of Peyton J. Marshall, Ph.D. to the position of Executive Vice
President and Chief Financial Officer effective August 17, 2005.
Mr. Marshall is an experienced financial executive with over 20
years experience in public biotechnology companies and the
financial industry. At Panacos, formerly known as V.I.Technologies,
Inc. or VITEX, Mr. Marshall will oversee financial operations,
compliance and reporting, corporate financing activities, investor
and public relations, facilities and information technology. Over
the previous eight years, Mr. Marshall was Chief Financial Officer
of EPIX Pharmaceuticals and Chief Financial Officer of The
Medicines Company, where his responsibilities and experience have
encompassed financial management, corporate fundraising and
strategic planning spanning the full range of pharmaceutical
business activities, including collaboration agreements, clinical
trials, regulatory approval and commercial launch. In these roles,
his experience has included raising over $400 million through
equity and debt transactions, overseeing internal financial control
and reporting systems and implementing Sarbanes-Oxley compliance.
Prior to joining The Medicines Company, he was an investment banker
with UBS and Goldman, Sachs based in London. Mr. Marshall received
an A.B. in Economics from Davidson College and a Ph.D. in Economics
from the Massachusetts Institute of Technology. Samuel K. Ackerman,
MD, Chairman and CEO, commented, "We are thrilled to have Peyton
join our senior management team. His extensive experience in
corporate finance, fundraising and strategic thinking add major
strengths to our growing management team as we pursue our objective
of becoming a top tier biopharmaceutical company." Dr. Ackerman
continued, "His prior successes bear witness to his exceptional
skill set in areas vital to Panacos at our current dynamic stage of
growth." "I am delighted to be joining the Panacos team at a very
exciting time for the Company," said Mr. Marshall. "PA-457 has
tremendous potential to improve care for HIV patients and the
Company has developed a great foundation for continued leadership
in discovering and developing innovative antiviral drugs." About
Panacos Panacos is developing the next generation of antiviral
products. The Company is engaged in the discovery and development
of small molecule oral drugs for the treatment of HIV and other
major human viral diseases. Our proprietary discovery technologies
and lead therapeutic candidate, PA-457, focus on novel targets in
the virus life cycle, including virus fusion and virus maturation.
PA-457 is the first in a new class of HIV drugs called Maturation
Inhibitors discovered by the Company, with broad activity against
HIV, including strains resistant to currently approved drugs, the
leading cause of HIV treatment failure. It is currently in Phase 2
clinical testing for treatment of HIV infection. For more
information on Vitex, please visit our web site at:
http://www.panacos.com/. Except for the historical information
contained herein, the matters discussed are forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These statements
involve risks and uncertainties, such as the progress of clinical
development of PA-457 and the timing of results of clinical trials,
the execution of the Company's financing plans, the timely
availability of new products, market acceptance of the Company's
products, the impacts of competitive products and pricing,
government regulation of the Company's products, the Company's
ability to complete product development collaborations and other
strategic transactions and other risks and uncertainties set forth
in the Company's filings with the Securities and Exchange
Commission. These risks and uncertainties could cause actual
results to differ materially from any forward-looking statements
made herein. DATASOURCE: Panacos Pharmaceuticals, Inc. CONTACT:
Peyton Marshall, Executive Vice President & CFO, Panacos
Pharmaceuticals, Inc., +1-617-926-1551, Web site:
http://www.panacos.com/
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