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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 fTT1BiegC5Kc6KAmZaLd3g==

<SEC-DOCUMENT>0001181431-08-040887.txt : 20080630
<SEC-HEADER>0001181431-08-040887.hdr.sgml : 20080630
<ACCEPTANCE-DATETIME>20080630165354
ACCESSION NUMBER:		0001181431-08-040887
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080619
FILED AS OF DATE:		20080630
DATE AS OF CHANGE:		20080630

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:			FLETCHER R JOHN
		CENTRAL INDEX KEY:			0001215024

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24241
		FILM NUMBER:		08926486

	BUSINESS ADDRESS:	
		STREET 1:		FLETCHER SPAGHT INC
		STREET 2:		222 BERKLEY ST.
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		800-633-0960

	MAIL ADDRESS:	
		STREET 1:		96 TALAMINE COURT
		CITY:			COLORADO SPRINGS
		STATE:			CO
		ZIP:			80907
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd211902.xml
<DESCRIPTION>FLETCHER FORM 4  JUNE 19 2008
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-06-19</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001215024</rptOwnerCik>
            <rptOwnerName>FLETCHER R JOHN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>ATT: FLETCHER SPAGHT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>222 BERKELEY STREET</rptOwnerStreet2>
            <rptOwnerCity>BOSTON, MA</rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode>02116</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.59</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-06-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>15000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2008-07-19</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2018-06-19</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>15000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>15000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Annual stock option grant pursuant to the Corporation's Amended and Restated Director Compensation Policy. The option will vest monthly at 1/12 per month, commencing one month after the grant date, over one year, provided the Director continues to serve as a member of the Board.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Megan Gates, attorney-in-fact</signatureName>
        <signatureDate>2008-06-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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