MELVILLE, N.Y., April 20 /PRNewswire/ -- V.I. Technologies, Inc.
(Nasdaq: VITX) today announced financial results for the first quarter ended
April 3, 1999.  For the quarter, the Company posted net income of $615,000 or
$0.05 per share.  These results compare to a net loss of $6,384,946, or
$0.78 per share, incurred in the year-ago quarter.  Revenue for the quarter
was $11,142,000 compared to $3,713,000 in the year-ago quarter.
    Results in the quarter reflect VITEX's receipt of FDA approval to market
PLAS+SD since the year ago quarter and its continued strengthening of its
manufacturing process in both plasma fractionation and in PLAS+SD, resulting
in improved margins from previous quarters.  Results were unaffected by the
voluntary recall of seven lots of PLAS+SD announced last week.  Associated
costs cannot be estimated at this time.
    John Barr, V.I. Technologies' President and Chief Executive Officer
commented, "We are pleased with this quarter's results and the continued
improvement in our manufacturing margins.  We remain committed to providing
the safest possible blood products."
    VITEX is a leading developer and manufacturer of a broad portfolio of
blood products that utilize its patented viral inactivation technologies
designed to ensure safe blood products.  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+SD, is the only FDA approved method
for viral inactivation of plasma.
    Central to VITEX's strategy are collaborations to accelerate the
commercialization of its products.  These include agreements with Bayer
Corporation to supply plasma fractions, the American National Red Cross to
distribute PLAS+SD, United States Surgical Corporation for the development and
distribution of fibrin sealant and Pall Corporation for the development and
distribution of systems for the viral inactivation of red blood cells and
platelets.
    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.

                           V.I. Technologies, Inc.
                        Selected Financial Information
                      Condensed Statements of Operations
                    (In thousands, except for share data)

                                                 Thirteen Weeks   Three Months
                                                      Ended           Ended
                                                  April 3, 1999  March 31, 1998
                                                   (unaudited)     (unaudited)

    Revenue                                          $11,142         $3,713

    Costs and expenses:
      Cost of sales                                    6,060          4,844
      Research and development, net                    2,011          1,793
      Selling, general and administrative expenses     2,493            837
      Charge related to Pall research collaboration       --          2,202
      Total operating costs and expenses              10,564          9,676
    Income (loss) from operations                        578         (5,963)
      Interest income (expense), net                      37           (422)
    Net income (loss)                                   $615        $(6,385)

    Basic and diluted net income (loss) per share      $0.05         $(0.78)

    Weighted average shares used in calculation of:
      Basic earnings per share                        12,406          8,146
      Diluted earnings per share                      12,913          8,146


                           Condensed Balance Sheets
                                (In thousands)

                                                    April 3,      January 2,
                                                      1999           1999
                                                   (unaudited)
    Cash and cash equivalents                        $34,945        $35,264
    Trade receivables                                  2,013          3,967
    Inventory                                          2,515          2,512
    Other current assets                               2,298          1,895
    Property, plant & equipment, net                  31,696         30,821
    Other assets                                         562            766
      Total assets                                   $74,029        $75,225

    Current liabilities                               $9,473        $10,535
    Long-term debt                                    10,153         11,055
    Stockholders' equity                              54,403         53,635
      Total liabilities and stockholders' equity     $74,029        $75,225

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