Announces Progress in Phase 2a trial for PA-457
Plans to Discontinue Further Investment in INACTINE System and Seek Licensing
Partner
Proposed Name Change to Panacos Pharmaceuticals Reflects Focus on Development
of Novel Anti-Viral Therapeutics
WATERTOWN, Mass., June 30 /PRNewswire-FirstCall/ -- V.I. Technologies,
Inc. (Nasdaq: VITX) ("Vitex" or "the Company"), a biotechnology company
developing the next generation of anti-infective products, today provided a
corporate update, including the status of key clinical and development
programs. The ongoing Phase 2a study of PA-457 continues to progress. It is
designed to demonstrate the antiviral potency of PA-457 following once-daily
oral dosing for 10 days in HIV-infected patients who are not on other
antiretroviral therapy. Following completion of the study, the Company is
targeting the submission of data to a scientific meeting later this year such
as the 45th Interscience Conference on Antimicrobial Agents and Chemotherapy
(ICAAC), to be held September 21 - 24 in New Orleans, LA.
PA-457 is the first in a new class of investigational HIV drugs called
Maturation Inhibitors, discovered by Vitex scientists, with broad activity in
preclinical studies against strains of HIV sensitive or resistant to existing
classes of HIV drugs. Drug resistance is the leading reason for HIV treatment
failure. PA-457 is a once daily oral drug candidate that has been observed in
early clinical trials to reduce plasma viral load following a single dose in
HIV-infected patients, including patients infected by HIV strains resistant to
the three major classes of existing HIV drugs.
Vitex also announced that it will discontinue direct investment in the
development of the INACTINE system for red blood cells while undertaking
efforts to license the technology and intellectual property to potential
partners.
Vitex intends to focus future resources on the development and
commercialization of innovative antiviral therapeutics based on the
therapeutic platform acquired earlier this year in the merger with Panacos
Pharmaceuticals. In recognition of this important evolution in strategy, the
Company intends to seek shareholder approval to change the corporate name to
Panacos Pharmaceuticals.
"We are pleased to announce continuing progress in the development of PA-
457. Completion of the Phase 2a trial will position the Company to meet a
major milestone, which we anticipate will be followed later this year by the
initiation of our Phase 2b program," said Samuel Ackerman, Chairman and CEO of
Vitex. "Moving forward we plan to focus our resources on the continued
development of PA-457 as well as on the promising programs for next generation
maturation inhibitors and small molecule fusion inhibitors of HIV."
Dr. Ackerman further commented, "Our long-term strategy now is to focus on
small molecule antiviral therapeutics. The proposed name change to Panacos
Pharmaceuticals reflects this commitment and our goal to create a leading
antiviral therapeutics company. Consistent with this strategy, we believe it
is most appropriate to seek to license the INACTINE technology to an
organization focused on new product development for the blood industry."
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. 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 progress of clinical
development of PA-457 and the timing of results of clinical trials, the
execution of the Company's financing plans, 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:
Samuel K. Ackerman, M.D.
Chairman and CEO
617-926-1551
sackerman@vitechnologies.com
SOURCE V.I. Technologies, Inc.
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Related links:
http://www.vitechnologies.com
CONTACT:
Samuel K. Ackerman, M.D., Chairman and CEO of
V.I. Technologies, Inc., +1-617-926-1551,
sackerman@vitechnologies.com
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