MELVILLE, N.Y., Jan. 12 /PRNewswire/ -- V. I. Technologies, Inc. (VITEX)
(Nasdaq: VITX) announced today that Bayer Corporation, the U.S. subsidiary of
the worldwide Bayer Group, has executed an extension of the agreement with
VITEX for manufacturing services in plasma fractionation for the period 2001
to 2003.
The "take or pay" contract is valued at a minimum of $65 million in
revenue to VITEX over the next three years. The contract extension represents
a 65% increase in annual processing volume over the original contract signed
in 1995 and a 20% increase over fiscal 1999 processing volume. Essentially,
all currently available fractionation capacity will now be committed to Bayer
under the agreement. VITEX and Bayer are also exploring further opportunities
under the collaboration.
John Barr, President and CEO of VITEX commented, "We are pleased that
Bayer has chosen not only to continue but to expand the relationship between
the two companies. The strength of this partnership is due to continued hard
work by Bayer and ourselves and a common commitment to producing a quality
product. The revenue and profits from the expanded relationship with Bayer
are critical to our strategy, which calls for internally funding our exciting
research and the commercialization of our ground breaking viral inactivation
technology."
VITEX is a leading developer and manufacturer of a broad portfolio of
blood products that utilize its patented viral inactivation technologies
designed to ensure product safety. The technologies are tailored for all
blood component applications and other blood-derived products, including
plasma, plasma derivatives, red blood cells and platelets. The first of
VITEX's virally inactivated products, PLAS+(R)SD, is the only FDA-approved
method for viral inactivation of plasma.
For further information, please visit the VITEX web site at
http://www.vitechnologies.com .
Except for the historical information contained herein, the matters
discussed are forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. These
statements involve risks and uncertainties, such as quarterly fluctuations in
operating results, the timely availability of new products, market acceptance
of the company's products, the impacts of competitive products and pricing,
government regulation of the company's products and other risks and
uncertainties set forth in the company's filings with the Securities and
Exchange Commission. These risks and uncertainties could cause actual results
to differ materially from any forward-looking statements made herein.
To receive additional information on V. I. Technologies, Inc., via fax, at
no charge, dial 1-800-PRO-INFO and enter code VITX.
SOURCE V. I. Technologies, Inc.
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Related links:
http://www.vitechnologies.com
CONTACT:
John Barr, President and CEO of V. I.
Technologies, Inc., 516-752-7314, ext. 6110, or Alison Ziegler,
Brian Gill, or Deanne Eagle, all of The Financial Relations
Board, 212-661-8030
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