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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001181431-07-002700.txt : 20070108
<SEC-HEADER>0001181431-07-002700.hdr.sgml : 20070108
<ACCEPTANCE-DATETIME>20070108173045
ACCESSION NUMBER:		0001181431-07-002700
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070105
FILED AS OF DATE:		20070108
DATE AS OF CHANGE:		20070108

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DUNTON ALAN W
		CENTRAL INDEX KEY:			0001304773

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24241
		FILM NUMBER:		07518452

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		6102052300

	MAIL ADDRESS:	
		STREET 1:		VICURON PHARMACEUTICALS INC
		STREET 2:		455 S GULPH ROAD SUITE 305
		CITY:			KING OF PRUSSIA
		STATE:			PA
		ZIP:			19406
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd141551.xml
<DESCRIPTION>ALAN DUNTON FORM 4 1/5/07
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-01-05</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001304773</rptOwnerCik>
            <rptOwnerName>DUNTON ALAN W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PANACOS PHARMACEUTICALS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>134 COOLIDGE AVENUE</rptOwnerStreet2>
            <rptOwnerCity>WATERTOWN</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02472</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>3.97</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-01-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1000000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2007-02-05</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2017-01-05</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1000000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1000000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person was appointed as the chief executive officer of Panacors Pharmaceuticals, Inc., and a member of the Board of Directors, on January 5, 2007.  Pursuant to this appointment, the Board of Directors granted a stock option to the reporting person for 1,000,000 shares of common stock.  This option vests 1/48th per month beginning February 5, 2007 for 670,000 of the 1,000,000 share option.  The remaining 330,000 portion of the option will vest in 110,000 share increments on the earlier of certain specific performance based terms, established by the Board of Directors, or in full at the end of five years from the date of this grant.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Alan W. Dunton, M.D.</signatureName>
        <signatureDate>2007-01-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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