* Panacos Pharmaceuticals of Gaithersburg said it reported on results of the Phase 1 clinical trial of its lead HIV drug candidate, PA-457, at the International AIDS Conference in Bangkok. PA-457 is part of a new class of antiretrovirals called Maturation Inhibitors directed against a new viral target recently discovered by Panacos scientists. Panacos said because PA-457 has a different viral target than approved HIV drugs, it retains activity against virus isolates resistant to current treatments. The increasing prevalence of drug-resistant HIV strains is a major problem for the treatment of HIV infections. Based on the results of the first clinical study, Panacos has advanced PA-457 into a multiple dose Phase 1 study. Panacos announced a merger agreement with V.I. Technologies in early June. The transaction is expected to close in the third quarter of 2004.

* Sen. George Allen (R-Va.) said the Senate probably won't override the Federal Communications Commission's approval of a $3.2 billion airwaves exchange with Nextel Communications. "Once the decision's made and companies start making investments based on that decision, to come back and unravel it or change the terms of it, I would think it would be fairly difficult," Allen said.

* MobilePro, a Bethesda telecommunications company, agreed to acquire American Fiber Network of Kansas City, Mo., for undisclosed terms. AFN provides local, long-distance and Internet service in the 48 contiguous U.S. states. MobilePro said it expects the deal to bring in more than $7 million in annual revenue.

Compiled from reports by Washington Post staff writers and Bloomberg News.