Vitex Completes Corporate Name Change to Panacos Pharmaceuticals, Inc.

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Vitex Completes Corporate Name Change to Panacos Pharmaceuticals, Inc.
    WATERTOWN, Mass., Aug. 18 /PRNewswire-FirstCall/ -- V.I. Technologies,
Inc. (Nasdaq: VITX) ("Vitex" or "the Company"), a biotechnology company
dedicated to developing the next generation of antiviral therapeutic products,
today announced the completion of the change of its corporate name to Panacos
Pharmaceuticals, Inc. Effective today, the Company will trade on the NASDAQ
National Market under the new ticker symbol PANC. The name change signifies
the Company's new focus on discovery and development of novel therapeutic
antiviral products based on technology of Panacos Pharmaceuticals, the company
with which Vitex merged in March, 2005.
    Samuel K. Ackerman, MD, Chairman and CEO, commented, "The change of our
name to Panacos Pharmaceuticals completes the process of corporate transition
begun with the merger of the two companies and emphasizes our team's focus on
developing innovative orally available therapeutics for HIV and other major
viral infections.  We look forward to continued progress in developing PA-457,
our oral maturation inhibitor for treatment of HIV currently in Phase 2
clinical testing, and expect to report results of our Phase 2a trial of PA-457
later this quarter."

    About Panacos
    Panacos is developing the next generation of antiviral 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. Our
proprietary discovery technologies and lead therapeutic candidate PA-457 focus
on novel targets in the virus life cycle, including virus fusion and virus
maturation. PA-457 is the first in a new class of HIV drugs called Maturation
Inhibitors discovered by the Company, with broad activity against HIV,
including strains resistant to currently approved drugs, the leading cause of
HIV treatment failure. It is currently in Phase 2 clinical testing for HIV
infection. For more information on Panacos, please visit our web site at:
http://www.panacos.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:

     Peyton Marshall
     Executive Vice President & CFO
     617-926-1551
     pmarshall@panacos.com
SOURCE V.I. Technologies, Inc.
http://www.panacos.com
http://www.vitechnologies.com
CONTACT:
Peyton Marshall, Executive Vice President &
CFO, +1-617-926- 1551, pmarshall@panacos.com