X0202 4 2005-08-25 1 0001040017 PANACOS PHARMACEUTICALS, INC. PANC 0001281446 GREAT POINT PARTNERS LLC 2 PICKWICK PLAZA, SUITE 450, GREENWICH CT 06830 0 0 1 0 0001239607 JAY JEFFREY R 2 PICKWICK PLAZA, SUITE 450 GREENWICH CT 06830 0 0 1 0 Common Stock 2005-08-25 4 S 0 66693 10.2767 D 450191 I By Biomedical Value Fund, L.P. Common Stock 2005-08-25 4 S 0 66692 10.2767 D 1012308 I By Biomedical Offshore Value Fund, Ltd. Common Stock 62500 I By Jeffrey R. Jay, M.D. Represents average per share sales price. See Annex A attached hereto for complete sale details. Securities held directly by Biomedical Value Fund, L.P. ("BMVF") and indirectly by Great Point Partners, LLC ("Great Point") and Jeffrey R. Jay, M.D. ("Dr. Jay"). Great Point is the investment manager of BMVF and by virtue of such status may be deemed to be the beneficial owner of securities held by BMVF. Dr. Jay, as senior managing member of Great Point, has voting and investment power with respect to securities held by BMVF and may be deemed to be the beneficial owner of securities held by BMVF. Great Point and Dr. Jay each disclaim beneficial ownership of shares held by BMVF, except to the extent of its or his pecuniary interest and this report shall not be deemed to be an admission that either is the beneficial owner of such securities. Securities held directly by Biomedical Offshore Value Fund, Ltd. ("BOVF") and indirectly by Great Point and Dr. Jay. Great Point is the investment manager of BOVF and by virtue of such status may be deemed to be the beneficial owner of securities held by BOVF. Dr. Jay, as senior managing member of Great Point, has voting and investment power with respect to securities held by BOVF. Great Point and Dr. Jay each disclaim beneficial ownership of shares held by BOVF, except to the extent of its or his pecuniary interest and this report shall not be deemed to be an admission that either is the beneficial owner of such securities. Securities held directly by Dr. Jay. None of BMVF, BOVF or Great Point has any pecuniary interest in such securities. Great Point Partners, LLC By: Jeffrey R. Jay, M.D. 2005-08-29 Jeffrey R. Jay, M.D. 2005-08-29