Panacea Pharmaceuticals, Inc. Appoints Lawrence Glass as Senior Vice-President for Corporate Development

ROCKVILLE, Md.--(BW HealthWire)--May 10, 2001--Panacea Pharmaceuticals, Inc. is pleased to announce the appointment of Lawrence Glass as Senior Vice-President for Corporate Development.

Mr. Glass is a manager, strategist, and scientist with more than twenty years of experience in the life sciences industry. The primary emphasis of his career has been on business and corporate development, building and directing biomedical research, and drug development programs.

Mr. Glass has particular expertise in developing interdisciplinary programs that integrate laboratory and clinical R&D with corporate development strategies.

"It is a pleasure to welcome Larry as a key member of Panacea's management team," stated Hossein A. Ghanbari, Ph.D., President and CEO of Panacea. "Larry brings a wealth of expertise in the life sciences in areas such as financing, mergers and acquisitions, technology assessment, and strategic planning for the development of novel technologies and therapies."

Mr. Glass most recently served as Executive Vice-President for Corporate Development & Scientific Affairs for Virco Lab, Inc., the U.S. subsidiary of Virco Group (Belgium). Prior to that, he spent nearly 20 years at SRA Life Sciences, Inc., which was acquired by Virco in late 2000.

At SRA, Mr. Glass served as Senior Vice-President and Director of Corporate Development and most recently as President and CEO. He was the principal architect of SRA's biomedical business and built an internationally recognized team conducting pharmacogenomic and drug resistance testing, working with many of the top pharmaceutical and biotechnology companies in the world.

Prior to SRA, Mr. Glass held positions at various institutions including the National Institute for Advanced Studies, the University of Minnesota College of Medicine, and the Minneapolis Children's Hospital and Health Center.

Mr. Glass stated, "Panacea's R&D programs, particularly its robust platform technology for the treatment and diagnosis of multiple cancers, present extraordinary scientific and financial opportunities for the company's investors, staff, and potential partners."

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, Alzheimer's disease, and Parkinson's disease.