It sounds totally to me like reverse sneezing. The running and being excited then doing it is what makes it sound like reverse sneezing. Totally harmless. Never heard of a dog panting because of teeth infections. Jemma has reverse sneezing when she gets really excited and running. Not always, but she still does do it.
Bring it up to the vet, the reverse sneezing. Believe me, it does no harm.
__________________ Carol And Jemma 
Be Kinder Than Necessary, For Everyone You Meet Is Fighting Some Kind Of Battle |