Panacea Pharmaceuticals, Inc. Announces Appointment of Chief Financial Officer and Board Member

ROCKVILLE, Md.--(BW HealthWire)--June 13, 2000--Panacea Pharmaceuticals, Inc. is pleased to announce that James Matthew, C.P.A., M.B.A., has joined Panacea as its Chief Financial Officer. Additionally, Mr. Matthew will serve on Panacea's Board of Directors.

Mr. Matthew spent 20 years with KPMG, one of the world's largest accounting and consulting firms with more than 100,000 employees in 159 countries. Most recently, Mr. Matthew served as Managing Director for Global Transactions Services, KPMG's investment banking practice, where he focused on securing capital as well as mergers and acquisitions for the healthcare, life sciences, and high technology industries.

Mr. Matthew is currently Managing Director and Chief Financial Officer of Angel Capital Network, Inc., a northern California based international angel investor network focused on financing early stage technology based companies. Mr. Matthew was also a Co-Founder of Angel Capital Network and serves on its Board of Directors.

Mr. Matthew has previously formed both the Colorado and Michigan Biotechnology Associations, has served on the Governor's Venture Capital Task Force in Michigan, and is a frequent speaker and quoted press source on the convergence of the biotechnology, healthcare, electronics, and telecommunications industries.

"The addition of Jim strengthens our financial positioning by allowing us to take advantage of his extensive experience in business development, strategy formulation, and early stage financing. We expect that Jim will greatly assist us as we pursue strategic partnership agreements with biotechnology and pharmaceutical companies as well," said Hossein A. Ghanbari, Ph.D., President and CEO of Panacea.

About Panacea Pharmaceuticals

Panacea Pharmaceuticals, Inc. focuses on developing and utilizing protein-based technologies to detect and identify changes associated with and involved in diseases of the central nervous system such as Alzheimer's disease, brain tumors, transmissible spongiform encephalopathies, and Lewy Body diseases such as Parkinson's disease. Changes in disease-relevant proteins by altered expression, post-translational modification, and functional variation are utilized to develop diagnostic tests and therapeutic agents.