MELVILLE, N.Y., Dec. 6 /PRNewswire/ -- V. I. Technologies, Inc. (VITEX)
(Nasdaq: VITX) today announced the closing of a $3.0 million milestone
investment by Pall Corporation (NYSE: PLL). This is the third investment by
Pall under the Red Cell Viral Inactivation Development and Marketing Agreement
signed by the two companies in February 1998. The triggering event was the
enrollment of the first patient in the Phase I red blood cell clinical trial
which will use INACTINE(TM), a VITEX proprietary viral inactivation
technology. The Company added the INACTINE(TM) technology to its product
portfolio as part of its recently completed merger with Pentose
Pharmaceuticals.
Based on agreement terms, Pall Corporation received for its investment
approximately 539,000 shares of VITEX common stock at $5.57 per share,
reflecting the average VITEX closing price over the preceding twenty trading
days. Pall has now invested $12.0 million of the $27.0 million due under the
program collaboration. Remaining payments are scheduled as the red cell viral
inactivation progves targeted milestones in the FDA clinical trial
process.
VITEX has begun enrolling 20 healthy volunteers in the trial designed to
test survivability of INACTINE(TM)-treated red blood cells. Under the study
protocol, blood will be drawn from each volunteer, treated with INACTINE(TM),
stored and reinfused into donor subjects. The trial will compare
survivability of treated and untreated red cells to determine cell viability
under normal transfusion conditions in humans. The trial will also assess the
potential immune response to treated red blood cells. INACTINE(TM)-treated
red blood cells have been safe in preclinical animal studies without evidence
of an immune response.
Red cells are the most frequently transfused blood component and VITEX
estimates the market for virally inactivated red blood cells will exceed
$2.0 billion annually.
"Our accelerated entry into Phase I trials for red cells and the receipt
of this milestone investment from Pall demonstrate immediate benefits of the
Pentose merger," said John Barr, President and Chief Executive Officer of
VITEX. "Based on preclinical results using the INACTINE(TM) technology, we
believe VITEX has an excellent opportunity to be first to market for virally
inactivated red cells. In addition to our strong technology platform, we have
an excellent partner in Pall, a pioneer in blood safety. Pall, which has a
leading worldwide position in blood collection, storage and delivery
technology provides access to outstanding products as well as the distribution
channels required to make our product a commercial success."
"We are pleased with the continuing progress in our collaboration with
VITEX," said Eric Krasnoff, Chairman and CEO of Pall Corporation. "Blood
safety remains a critical concern in the marketplace and the recent movement
to universal leukoreduction is a clear signal that blood systems will invest
in technology that increases the safety of the blood supply. Just as
universal leukoreduction has emerged as a safety standard, we also believe
that viral inactivation will be the next standard in safer blood. Through our
partnership with VITEX, we are taking a leading role in providing the next
generation of blood safety technologies."
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 .
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 V. I.
Technologies, Inc., 516-752-7314, ext. 6110; Alison Ziegler,
Brian Gill or Deanne Eagle, all of Financial Relations Board,
212-661-8030, for V. I. Technologies, Inc.; or Sharon Karlsberg
of Feinstein Kean Healthcare, 617-577-8110, for V. I.
Technologies, Inc.
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