I had the same problem. Still do, really. So I got a book from the library called Running for Women, or something like that, and it said breathe in for 3 and out for 2 or something, which isn't really working for me. I've also tried slowing my pace. I did really well on C25K before, but then stopped because of knee issues. Started running again and I attempted to pick back up at week 5 (5 min runs and 3 min walks x3) but I had to crap out on the third 5 min run. I made up for it on the elliptical, but I just couldn't breathe anymore! Mine was a bit different though, I wasn't panting, my lungs were just burning.
But here's something to think about. Next time you're running, pay attention to how you're breathing. Do your shoulders rise and fall when you breathe or does your stomach go out and in? You're supposed to breathe through your belly and it really took me a long time to
learn to breathe while exercising. When you breathe in your chest (shoulders rising and falling) that can actually cause hyperventilation.
Edit: Just saw that someone before me posted almost the same thing about belly breathing. Oh well.
