Panic is a lame monster on the loose tale that suffers from a number of flaws, ranging from obvious production goofs to a terribly paced ending. Its basic premise is that a failed scientific experiment turns a scientist into a blood drinking monster while simultaneously unleashing a deadly virus (although how the virus factors in is something of a mystery, as we see no signs of an epidemic.)
The most comic aspects of the film are how its claim to be set in England clashes with the Spanish / Italian production. For instance, the police and military featured in the film wear Italian style uniforms. Furthermore, large sections of the dialogue are clearly dubbed in. These comic elements are the most enjoyable parts of the film.
Unfortunately, the film's drawbacks more than match its comic value. The monster itself is poorly done, with bad make up and obvious gloves standing in for its hands. The pacing toward the climax is lethargic, so that I had to fast forward out of boredom. Furthermore, you'll be able to guess what happens several minutes in advance.