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news.Panacos Pharmaceuticals has reported a net loss of $7.9 million, or $0.15 per share for the third quarter of 2007 as against a net loss of $7.9 million, or $0.16 per share, for the same period last year.
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Revenue from research funding in the Q3 of 2007 decreased to $30,000 from $33,000 in 2006. Panacos research and development expenses in the Q3 of 2007 decreased to $5 million from $5.7 million in the Q3 of 2006. General and administrative expenses in the Q3 of 2007 were $3.2 million. Unrestricted cash, cash equivalents and marketable securities were $48.2 million at September 30, 2007.
The US-based company, which develops treatments for HIV and other viral diseases, also announced preliminary results from the 300mg cohort of a Phase IIb dose escalation study of bevirimat in patients failing HIV therapy due to drug resistance. The results from this cohort showed a mean viral reduction of 1.02 log10, with a continuation of predictable and linear pharmacokinetics. The results support further dose escalation to determine the dose or doses of bevirimat to take into pivotal clinical trials in 2008.
Panacos also said that it had completed a Phase I study with two distinct liquid formulations of bevirimat suitable for long-term dosing in HIV patients.