HCFA Acknowledges Role of Viral Inactivation in Blood Safety
WATERTOWN, Mass., May 3 /PRNewswire/ -- V.I. Technologies, Inc. (VITEX)
(Nasdaq: VITX) announced today that the Health Care Financing Administration
(HCFA) of the U.S. Department of Health and Human Services has assigned a
product code -- P9023 -- and reimbursement rate for PLAS+(R)SD, the Company's
transfusion plasma product that uses a solvent detergent process to inactivate
deadly viruses such as HIV, hepatitis C and hepatitis B. The rate, which is
effective from July 1, 2000, has been set at $169, representing a $60 premium
over the reimbursement rate of untreated fresh frozen plasma.
"This is another important milestone in the commercialization of viral
inactivation technologies for blood products and is a significant step forward
for the continuing adoption of PLAS+(R)SD," said John Barr, President and CEO
of VITEX. "For the first time, HCFA has established that viral inactivation
technologies will play a key and emerging role in blood safety and should
merit a reimbursement premium. We applaud this reimbursement decision by HCFA
since a higher rate should lead to widespread adoption of pathogen
inactivation technologies by doctors and hospitals throughout the U.S. This
can only serve to increase the availability and usage of safer blood products
for patients."
Mr. Barr added, "While the new code will initially be limited to
outpatient transfusions of PLAS+(R)SD, we will continue to work with Congress,
Health and Human Services, HCFA and the blood industry to extend coverage to
inpatient transfusions of PLAS+(R)SD as well as to other blood safety
technologies. We intend to remain an active supporter of efforts by blood
industry organizations such as the American Association of Blood Banks to help
establish fair, accurate and timely reimbursement rates for technologies that
improve blood safety. This decision to apply a reimbursement premium also
establishes a strong precedent with regard to our INACTINE(TM) red cell
pathogen inactivation technology, which is currently in clinical trials in the
U.S."
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.
For more information on the proper use of the new product code, please
contact Denis Henrard, Director of Marketing for VITEX at 631-752-7314.
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 VITEX,
617-926-1551, ext. 7256, or Alison Ziegler, Brian Gill or Deanne
Eagle of The Financial Relations Board, 212-661-8030
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