Panacos turns to longtime pharmaceutical exec for CEO - Washington Business Journal:

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Alan Dunton, a medical doctor who most recently was board chairma forof Lexington, Mass., has been hired by a Watertown, Mass.-based company that owns a researchn and development plant in He had served as president and CEO of before it merges with ActivBiotics. Previously, Duntobn was an executive at andJohnson & Johnson, including a few of its subsidiaries. He's been on the boarde of several companies, such as , , and . Panacoe added Dunton to its board of expanding what had beena seven-person group.
Peyton Marshall, who became Panacos' acting chief executive after formetr CEOSamuel "Skip" Ackerman suddenlt passed away in June, will return to his originak post of executive vice president and CFO. Panacos (NASDAQ: is developing an HIV bevirimat, but reported last month that its 400-milligrak tablet version didn't perform as well as anticipated in PhassIIb results. Since then, the company has filexd to begin clinical tests on an improvesd versionthis year.
According to the company's regulatoryt filings, roughly a third of Dunton's stock optionsa are based on the company's success in reachinbg the third phase of product filing a new drug application for a marketable drug and eitheraising $50 million in financing or winning a commercia l partner for bevirimat. The options will also vest five years fromhis Jan. 5 hirinh date if those milestones aren't reached by