Panic disorder (PD) is a serious DSM-IV axis I disorder affecting up to 3% of the adult population each year. It is associated with a large burden of disease and extensive economic costs. This study aims to examine the effects and feasibility of the 'Don't Panic' course, a preventive cognitive behavioural intervention in sub-threshold and mild PD. It also compares the effectiveness of two modifications of the course (8 vs. 12 sessions).