-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 BTKdK8hXddVGvztzfgHh0/9DAdvaQhPzVI6pDSpnzi+kh1vdDbDWK60JUT5T7gLv
 daPy3wz23xOFlQHufWutuw==

<SEC-DOCUMENT>0001181431-05-065351.txt : 20051207
<SEC-HEADER>0001181431-05-065351.hdr.sgml : 20051207
<ACCEPTANCE-DATETIME>20051207213405
ACCESSION NUMBER:		0001181431-05-065351
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051206
FILED AS OF DATE:		20051207
DATE AS OF CHANGE:		20051207

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LINSLEY ERIC W
		CENTRAL INDEX KEY:			0001320179

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24241
		FILM NUMBER:		051250758

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		9199983300

	MAIL ADDRESS:	
		STREET 1:		7030 KIT CREEK ROAD
		STREET 2:		P.O. BOX 110287
		CITY:			RESEARCH TRIANGLE PARK
		STATE:			NC
		ZIP:			27709

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PANACOS PHARMACEUTICALS, INC.
		CENTRAL INDEX KEY:			0001040017
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				113238476
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		134 COOLIDGE AVE
		CITY:			WATERTOWN
		STATE:			MA
		ZIP:			02472
		BUSINESS PHONE:		617-926-1551

	MAIL ADDRESS:	
		STREET 1:		134 COOLIDGE AVE
		CITY:			WATERTOWN
		STATE:			MA
		ZIP:			02472

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	V I TECHNOLOGIES INC
		DATE OF NAME CHANGE:	19980209
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd99405.xml
<DESCRIPTION>FORM 4  FOR 12/6/2005
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-12-06</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001040017</issuerCik>
        <issuerName>PANACOS PHARMACEUTICALS, INC.</issuerName>
        <issuerTradingSymbol>PANC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001320179</rptOwnerCik>
            <rptOwnerName>LINSLEY ERIC W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>A.M. PAPPAS &amp; ASSOCIATES, LLC</rptOwnerStreet1>
            <rptOwnerStreet2>7030 KIT CREEK ROAD</rptOwnerStreet2>
            <rptOwnerCity>RESEARCH TRIANGLE PARK</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>27709</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2754</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-12-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>600000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>7.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2663305</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote 1</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">2,663,305 shares are directly held by A.M. Pappas Life Science Ventures I, L.P. (the &quot;Fund&quot;), which has a general partner, AMP&amp;A Management, LLC (&quot;Management&quot;), which is managed by A.M. Pappas &amp; Associates, LLC (&quot;AMP&amp;A&quot;).  AMP&amp;A may be deemed a beneficial owner of these securities.  The reporting person is a member of AMP&amp;A and, as a result, may also be deemed a beneficial owner of these securities.

The reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that this person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Eric E. Linsley</signatureName>
        <signatureDate>2005-12-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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