Panacea Pharmaceuticals, Inc. Announces Completion of Series A Financing

ROCKVILLE, Md.--(BW HealthWire)--Sept. 27, 2000--Panacea Pharmaceuticals, Inc. is pleased to announce the completion of its Series A round of financing, which was over-subscribed.

"We are delighted that the financing was completed quickly," stated James M. Matthew, M.B.A., C.P.A., Chief Financial Officer of the Company. "Due to prospective investor enthusiasm, we are expediting the preparation of our Series B financing."

Proceeds from the offering will be used to conduct pre-clinical studies on PAN-346, the Company's lead drug candidate for brain tumors. The funds will also enable the development and initial commercialization of the Company's cancer diagnostic portfolio, which will include testing for brain, pancreatic, liver, colorectal, and other cancers.

"The current research and drug development efforts supporting the Company's cancer platform technology, Alzheimer's program, and Parkinson's disease project will all be significantly expanded," stated Kasra Ghanbari, Chief Operating Officer of the Company. "We are also expanding our operations base considerably and will begin to selectively bring outsourced expertise within the Company."

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.

More information is available at www.PanaceaPharma.com, a web site developed by Ei Web Promotion, a division of eiCommunications.com, Inc. (www.eiCommunications.com), which offers integrated communications and web development solutions for the Information Age.