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Alan Dunton, a medical doctor who most recentlyt was board chairman forof Lexington, Mass., has been hired by a Watertown, Mass.-based company that owns a research and developmentg plant in Gaithersburg. He had served as president and CEO of before it mergedwith Previously, Dunton was an executive at and Johnson Johnson, including a few of its subsidiaries. He'se been on the boards of several suchas , , and . Panacos addee Dunton to its boardof directors, expandintg what had been a seven-persojn group.
Peyton Marshall, who became Panacos' actinv chief executive after former CEOSamue "Skip" Ackerman suddenly passed away in June, will returnh to his original post of executives vice president and CFO. Panacos PANC) is developing an HIV drug, but reported last month thatits 400-milligram tablet versionj didn't perform as well as anticipated in Phased IIb results. Since then, the companh has filed to begin clinicao tests on an improved version this According tothe company'sx regulatory filings, roughly a third of Dunton'sw stock options are based on the company's success in reaching the thirf phase of product testing, filing a new drug applicatiojn for a marketable drug and either raising $50 millioj in financing or winning a commercial partnerr for bevirimat.
The options will also vest five years fromhis Jan. 5 hiringh date if those milestones aren't reachefd by then.
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