8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 15, 2006

Panacos Pharmaceuticals, Inc.

(Exact name of registrant as specified in its charter)

Delaware	0-24241	11-3238476
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

134 Coolidge Avenue

Watertown, Massachusetts 02472

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (617) 926-1551

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS.

(a) Not applicable.

(b) Not applicable.

(c) On June 15, 2006, Panacos Pharmaceuticals, Inc. (“Panacos” or the “Company”), announced that its President and CEO Samuel K. “Skip” Ackerman, M.D., 58, passed away yesterday evening at a New York hospital after suffering an apparent heart attack during a presentation at a conference yesterday afternoon. As per the Company’s succession plan, Peyton J. Marshall, Ph.D., currently Panacos’ Executive Vice President and Chief Financial Officer, has been named Acting CEO and will oversee operations at Panacos until a permanent successor can be named. Jeremy Hayward-Surry has been named Acting Chairman of the Board of Directors, serving in a non-executive capacity.

(d) Not applicable.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits:

99.1    Press Release of Panacos Pharmaceuticals, Inc. dated June 15, 2006.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PANACOS PHARMACEUTICALS, INC.
Dated: June 15, 2006
	By:	/s/ Peyton Marshall
		Peyton Marshall, Ph.D.
		Acting Chief Executive Officer, Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release of Panacos Pharmaceuticals, Inc. dated June 15, 2006.

EX-99.1

Exhibit 99.1

CONTACT:
Jill Smith Director, Corporate Communications 240.449.1250 jsmith@panacos.com	Peyton Marshall Acting CEO 617.926.1551 pmarshall@panacos.com

Panacos President and CEO Samuel K. Ackerman Dies Suddenly At Age 58

Watertown, MA (June 15, 2006) – Panacos Pharmaceuticals, Inc. (NASDAQ: PANC) today announced that its President and CEO Samuel K. “Skip” Ackerman, M.D., 58, passed away yesterday evening at a New York hospital after suffering an apparent heart attack during a presentation at a conference yesterday afternoon.

“This tragic event comes as a great shock to all of us associated with Panacos and our thoughts are first and foremost with Skip’s family at this difficult time,” said Jeremy Hayward-Surry, Non-Executive Chairman of the Board of Directors. “To everyone at Panacos, Skip has been an inspirational leader, a friend and a colleague. We will think of him for his pioneering efforts in healthcare research and development where his efforts for patients suffering from serious diseases such as HIV will be sorely missed.”

As per the Company’s succession plan, Peyton J. Marshall, Ph.D., currently Panacos’ Executive Vice President and Chief Financial Officer, has been named Acting CEO and will oversee operations at Panacos until a permanent successor can be named. Jeremy Hayward-Surry has been named Acting Chairman of the Board of Directors, serving in a non-executive capacity.

About Panacos

Panacos is developing the next generation of anti-infective products through discovery and development of small molecule oral drugs for the treatment of HIV and other major human viral diseases. Panacos’ lead candidate, bevirimat (previously known as PA-457), is the first in a new class of oral HIV therapeutics under development called maturation inhibitors, discovered by Panacos scientists and their academic collaborators. The Company has completed seven clinical studies of bevirimat in over 300 subjects, showing significant reductions in viral load in HIV-infected subjects and a promising safety profile.

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