Panacos Pharmaceuticals, Inc. (which we refer to as Panacos or the Company) seeks to develop next generation anti-infective products through the discovery and development of small molecule oral drugs designed to treat Human Immunodeficiency Virus, or HIV, and other major human viral diseases. We focus on disease indications where there is a clear unmet medical need and commercial opportunity for more effective therapies. We believe that a major potential commercial advantage of the HIV market is the shorter clinical development and product review times that have preceded the approval of currently marketed HIV drugs than is generally the case for many other disease indications. Because we believe that the most important problem in treating HIV is the emergence of viral strains that are resistant to currently approved drugs, our proprietary discovery technologies focus on novel targets in the virus life cycle, including virus maturation and virus fusion. Our lead product candidate is PA-457, a novel once-daily oral maturation inhibitor in Phase 2 clinical development for the treatment of HIV. In addition, our pipeline includes second-generation maturation inhibitors, small molecule HIV fusion inhibitors,  g   

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