Panacea Pharmaceuticals, Inc. Announces Opening of New Facility And Launch of New Website

GAITHERSBURG, Md., Feb. 26 /PRNewswire/ -- Panacea Pharmaceuticals, Inc. announced today the opening of its new facility in Gaithersburg, Maryland as well as the launch of its new website, which can be found at http://www.PanaceaPharma.com

Panacea is a recent graduate of the Maryland Technology Development Center (MTDC), a business incubator located in Rockville, Maryland. The MTDC is a project initiated and managed by the Montgomery County Department of Economic Development. It was developed, financed, and constructed as a joint partnership between Montgomery County and the State of Maryland.

"Panacea represents the model incubator success story," said Montgomery County Executive Douglas M. Duncan. "As a start-up biotech company, Panacea was able to take advantage and benefit from the availability of the Maryland Technology Development Center and its programs, focus on and grow their business, and then secure commercial space within the county. This clearly demonstrates how our programs foster the growth of companies that bring high- quality, high-paying jobs to the county."

Panacea held an Opening Ceremony event on January 28th attended by members of the county, state, and national government, foreign dignitaries from Japan, Korea, and New Zealand, executives from leading bio life science companies, and other leaders. The ceremony also celebrated the official launch of the Cosmos Alliance, a new global membership club established to advance the bio life sciences through the formation of strategic direct investment and research collaboration opportunities among its members. Panacea was one of four technology members that recently received a portion of $6.5 million in investments from four of the Cosmos Alliance's corporate members.

The keynote address was given by Takeru Ishibashi, CEO, Chemicals Group, Mitsubishi Corporation, a Cosmos Alliance corporate member. "To my eyes, Panacea is one of the most eligible emerging biotech companies in the U.S.," said Mr. Ishibashi. He continued, "They have good science invented at Brown University and MIT ... good management in their step-by-step approach ... Panacea's business model has proven to be successful and they continue to find the right partners to commercialize their technologies."

The company also recently launched a new corporate website, found at http://www.PanaceaPharma.com . Site visitors can learn about the company's history, management, partnerships, and latest news. Interactive flash-animated presentations provide simple yet detailed overviews of the company's HAAH Oncology, Parkinson's disease, and Alzheimer's disease programs. The media and investor sections give access to downloadable up-to-date corporate information.

The web site design, interactive features, and content management system were provided by Estco Medical of Bethesda, Maryland, the creator of the Web- based Medigent software suite, which aids life science companies in launching and managing online marketing initiatives.

Panacea chose Estco and its Medigent software suite because it wanted to provide online information on the work it is developing while integrating the web site with its marketing initiatives. Because the software suite's capabilities are built around the three principle phases of communication, education, and validation, it easily adapts to and exploits new technologies and provides new modes of communication for Panacea. For more information, visit http://www.estcomedical.com.

About The Cosmos Alliance

The Cosmos Alliance is a new global membership club established to advance the bio life sciences through the formation of strategic direct investment and research collaboration opportunities among its members. Under the Alliance, research-intensive early stage and emerging companies with breakthrough platform technologies are encouraged to form alliances with well-established companies seeking to move into new fields as well as to harvest returns from equity investments. Research and development-stage company members join the Alliance to receive research contracts from companies interested in their technology. Finally, universities and other research organization members join the Alliance to present their breakthrough research and technology to Alliance members and to form valuable strategic partnerships. For more information on the Alliance, visit http://www.cosmosalliance.com.

About Panacea Pharmaceuticals, Inc.

Panacea Pharmaceuticals, Inc. is an emerging biopharmaceutical company focused on utilizing functional genomics and proteomics to develop therapeutics and diagnostics for diseases with substantial unmet clinical need. The company's product development focus is on novel proteins and biochemical pathways related to cellular regulation and cell cycle abnormalities in oncology as well as neurodegenerative diseases, particularly Alzheimer's disease and Parkinson's disease.

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

Except for historical information presented in this press release, matters discussed herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements are based on the opinions and estimates of management only as of the date of this release and are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance, or achievements expressed or implied by such statements. Factors that might cause such a difference include, but are not limited to, uncertainties related to our access to capital, the progress, costs, and results of any clinical trials undertaken by us, progress of our research and development projects, and uncertainties related to whether our product candidates would ultimately achieve commercial success. We do not undertake any obligation to update publicly any forward-looking statement, whether as a result of new information, future events, or otherwise unless required by law.