Panacea Pharmaceuticals, Inc. Presents at 3rd World Knowledge Forum in Seoul, South Korea

ROCKVILLE, Md., October 18/PRNewswire/ -- Panacea Pharmaceuticals, Inc. announced today that its President and CEO, Hossein A. Ghanbari, Ph.D., is among the distinguished list of speakers at the 3rd World Knowledge Forum, which is being held October 15 to 18 in Seoul, South Korea. Dr. Ghanbari's presentation, which was given in the session entitled "Corporate Venturing: Key Questions," discussed issues pertaining to corporate venturing and its necessity within the current biotechnology and pharmaceutical market. The presentation further described Panacea's value adding and venturing business model as well as the Company's future venturing plans.

Hosted by the Maeil Business Newspaper, Korea's leading business media group, the World Knowledge Forum's goal is to bridge the knowledge divide between advanced countries and developing ones. Under the 2002 theme of "Knowledge in a World of Risk: A Compass Towards New Prosperity," participants take part in discussions on subjects ranging from an analysis of the challenges facing the U.S. economy to corporate management in times of uncertainty to predictions on new management practices of the future. Last year, the forum attracted more than 1,000 delegates from business, academia, and government from 20 countries. More information about the World Knowledge Forum is available at http://www.wkforum.org.

About Panacea Pharmaceuticals

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.