PANACEA PHARMACEUTICALS ANNOUNCES AVAILABILITY OF PC DETECT(SM).

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Panacea Pharmaceuticals Announces the Availability of PC Detect(sm) for Prostate Cancer Screening

GAITHERSBURG, Md., May 31 /PRNewswire-AsiaNet/ --

Panacea Pharmaceuticals, Inc. announced today that PC Detect(sm), the Company's prostate cancer screening test, is now available from Panacea Laboratories. PC Detect(sm) is a simple blood test, which is recommended as an adjunct to the prostate specific antigen (PSA) test and the digital rectal examination (DRE), the currently recommended prostate cancer screening methods.

The addition of PC Detect(sm) to the current screening methods is expected to improve the diagnosis of prostate cancer among men with prostate specific antigen (PSA) values below the currently recommended level for prostate biopsy.

Panacea Laboratories, a division of Panacea Pharmaceuticals, is certified under the Clinical Laboratory Improvement Amendments of 1988 (CLIA).

The blood sample can be ordered by any physician and sent to Panacea for testing; sample and shipping requirements are available at http:/ www.panacea-labs.com The Company anticipates submission of a Pre-Market Application (PMA) to the U.S. Food and Drug Administration later in 2007 to facilitate development of a PC Detect(sm) kit, which will be commercialized through clinical laboratories around the country.