Panacea Pharmaceuticals, Inc. Named 2002 Maryland Incubator Company of the Year

ROCKVILLE, Md.--(BW HealthWire)--June 18, 2002--Panacea Pharmaceuticals, Inc. is pleased to announce that it has been named "Best Overall Company" during the 2002 Incubator Companies of the Year Awards.

"On behalf of our Board, management, and employees, we are extremely honored and proud to receive this award," stated Hossein A. Ghanbari, PhD, co-founder, Chairman, President, and CEO of Panacea.

The awards are sponsored by The Maryland Technology Development Corporation or TEDCO, Saul Ewing LLP, American Express Tax and Business Services, Abell Venture Fund, Anthem Capital, Boulder Ventures, the Maryland Department of Business and Economic Development, Sterling Venture Partners, Steve Walker & Associates, and Toucan Capital.

The awards are also endorsed by the Mid-Atlantic Venture Association or MAVA and the Maryland Business Incubation Association.

A selection committee comprised of venture capitalists and government and business leaders chose winners in six categories as well as the Best Overall Company of the Year.

Awards were given based on a company's goals and success in achieving its objectives, and judges considered a company's technology or product development, increase in employee numbers, growth in revenue or earnings, engagement of significant customers or strategic partners, technology transfer, receipt of awards or grants, attracting outside investors, innovation, self-sufficiency, impact on the region, and the ability to use an incubator's services.

"We look forward to continued success and growth here in Maryland as we become even better positioned to take advantage of the enormous resources available to biotechnology companies in the region," stated Kasra Ghanbari, co-founder, Director, and Chief Operating Officer 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.