Panacea Pharmaceuticals, Inc. Appoints Former FDA Commissioner Frank E. Young to Board of Directors

ROCKVILLE, Md., Jan. 2 /PRNewswire/ -- Panacea Pharmaceuticals, Inc. is pleased to announce the appointment of Frank E. Young, M.D., Ph.D. to its Board of Directors. Dr. Young has an extensive background in genetics, biotechnology, FDA regulatory matters, and defense-related affairs.

"I am excited about Panacea's technology and management team. I look forward to working with the Board to develop the potential of this creative and promising technology to serve mankind through the reduction in pain and suffering from cancer," stated Dr. Young.

In 1984, Dr. Young joined the Department of Health and Human Services as Assistant Surgeon General (Rear Admiral, the U.S. Public Health Service). He was appointed Commissioner of the Food and Drug Administration in 1984 and held that post until 1989, served as Deputy Assistant Secretary for Health, Science, and the Environment from 1989 to 1993, and Director of both the Office of Emergency Preparedness and The National Disaster Medical System from 1993 to 1996.

During his tenure as Commissioner of the FDA, Dr. Young presided over several major agency events. Among these were the passage of the Drug Price Competition and Patent Term Restoration Act (1984), the opening of the MOD I research facility (1985), the passage of the Prescription Drug Marketing Act (1987), the approval of the first drug to combat AIDS (zidovudine or AZT) (1987), instituting a fast track approval system for AIDS and cancer drugs (1988), and the development of the treatment IND for drugs for the desperately ill (1989).

Dr. Young also held a number of concurrent government positions. In 1986, he was the United States' representative to the Executive Committee of the World Health Organization. In 1990, he was a Commissioner on the World Health Organization's Commission on Health and Environment and a technical advisor to the United Nations Conference on Environment and Development. He was also head of the State Department Delegation to the Ad Hoc Biotechnology Working Group of the Organization of Economic Cooperation and Development in Paris, France.

Prior to his public service with the U.S. government, Dr. Young held faculty positions and memberships in a number of universities and research institutions. These include: Case Western Reserve University (CWRU); Scripps Clinic and Research Foundation in La Jolla, California; University of California at San Diego; School of Medicine and Dentistry at the University of Rochester, New York; and Strong Memorial Hospital, also located in Rochester.

He has held numerous academic appointments including: Chairman of the Department of Microbiology and Professor of Microbiology, of Pathology, and of Radiation Biology and Biophysics at the University of Rochester in New York as well as Dean of the School of Medicine and Dentistry, Director of the Medical Center, and Vice President for Health Affairs of the University of Rochester. He began his career in research as a Faculty Research Associate of the American Cancer Society and Assistant Professor of Pathology at CWRU.

Dr. Young is a member of the Institute of Medicine of the National Academy of Sciences. He has published over 200 scientific and public policy publications covering topics as diverse as molecular genetics, new drug approval, risk assessment, and ethical considerations for the biotechnology field. Dr. Young's research in biotechnology and pathology, including the fundamental genetics of pathogenic and non-pathogenic bacteria, led to his continuous involvement in policy decisions concerning biotechnology from 1974 to 1993. Dr. Young continues to advise the government as needed, which has included membership on the Threat Reduction Advisory Committee of the Department of Defense.

Dr. Young is a member of the Board of Directors for EluSys Therapeutics, LearnWright, KM Biotech, CanGen, and Sensatex. He is currently Vice-President of Reformed Theological Seminary Metro Washington/Baltimore.

Dr. Young received his Medical Degree from the State University of New York Upstate Medical Center in Syracuse and his Ph.D. from Case Western Reserve University.

"Frank joins our Board as a visionary, an expert in regulatory matters, an authority on the ethical consequences of medical research, and a long time biotechnology advocate. We are extremely excited to have a person of his caliber and enthusiasm for our technology aboard," stated Hossein A. Ghanbari, Ph.D., Chairman, President, and CEO of Panacea.

About Panacea Pharmaceuticals

Panacea Pharmaceuticals, Inc. is a development stage biopharmaceutical company focused on utilizing functional genomics and proteomics to develop therapeutics and diagnostics for cancer. The Company's technology pipeline includes drug development programs for central nervous system diseases, particularly Alzheimer's disease and Parkinson's disease.

More information is available at http://www.PanaceaPharma.com.

• Contact:
• Panacea Pharmaceuticals, Inc.
• Kasra Ghanbari, Chief Operating Officer
• Phone 240-453-6295; FAX 240-465-0450
• Kasra@PanaceaPharma.com