D&Dtools1

This spell channels positive energy into a creature to wipe away afflictions.
It immediately ends any of the following conditions affecting the target: blinded, confused, dazed, dazzled, deafened, diseased, exhausted, fatigued, frightened, nauseated, panicked, paralyzed, shaken, sickened, and stunned.
It negates sleep effects and the effect of the feeblemind spell, and ends any additional effects from poison, as the neutralize poison spell.
It also cures 1d8 points of damage + 1 point per caster level (up to +20).
Panacea does not remove ability damage, negative levels, or permanently drained levels.
It does not remove conditions caused by spells of 7th level or higher, or by spells or effects that cannot be dispelled.
Used against an undead creature, panacea deals damage instead of curing the creature (which takes half damage if it makes a Will saving throw), but it has no other effect.