WATERTOWN, Mass., May 9 /PRNewswire-FirstCall/ -- V.I. Technologies, Inc.
(Nasdaq: VITX) ("Vitex" or "the Company"), a biotechnology company dedicated
to developing the next generation of anti-infective therapeutics, announced
that John Barr, President, will resign from Vitex following a transition
period expected to last until the end of July, 2005. Prior to successfully
closing the merger with Panacos Pharmaceuticals on March 11, 2005, Mr. Barr
was President and CEO of Vitex.
Dr. Samuel Ackerman, Chairman and CEO of Vitex commented, "John made
numerous important contributions to Vitex under his leadership as President
and CEO, most recently and notably the pivotal role he played, on behalf of
Vitex, in negotiating and closing the transformational merger with Panacos
Pharmaceuticals. The Board and I thank him and wish him every success in his
future endeavors."
Mr. Barr commented, "When we first discussed the merger over a year ago,
PA-457 was a promising preclinical drug. In clinical testing to date, it has
met or exceeded our expectations and I believe that it has the potential to
make a significant contribution to the treatment of HIV. I look forward to
working closely with Vitex to ensure a successful transition and in helping to
establish a strong foundation upon which to build a leading anti-infectives
company."
About Vitex
Vitex is developing the next generation of anti-infective products. The
Company is engaged in the discovery and development of small molecule oral
drugs for the treatment of HIV and other major human viral diseases. Vitex's
proprietary discovery technologies and lead therapeutic candidate PA-457 focus
on novel targets in the virus life cycle, including virus fusion and virus
maturation. The Company's separate INACTINE(TM) technology is designed to
inactivate a wide range of viruses, bacteria and parasites in blood products,
and has demonstrated its ability to remove prion proteins. For more
information on Vitex, please visit our 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 the Company's ability to
execute plans to resume its clinical trial program for its lead product
candidate, the INACTINE(TM) viral inactivation system for red blood cells, the
execution of the Company's financing plans, anticipated future clinical trial
timelines or 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, the Company's
ability to complete product development collaborations and other strategic
transactions 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.
CONTACT:
John R. Barr
President
617-926-1551
john.barr@vitechnologies.com
SOURCE V.I. Technologies, Inc.
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Related links:
http://www.vitechnologies.com
CONTACT:
John R. Barr, President of V.I. Technologies,
Inc., +1-617-926-1551, john.barr@vitechnologies.com
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