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Vitex Receives $50 Million Minimum Order from the American Red Cross
MELVILLE, N.Y., Dec. 21 /PRNewswire/ -- V. I. Technologies, Inc. (VITEX) (Nasdaq: VITX) announced today that it has extended its exclusive agreement with the American National Red Cross (ANRC) through September 30, 2000. As part of this extension, ANRC has guaranteed to purchase in excess of $50 million of PLAS+(R)SD from VITEX during the two year period of the contract extension.
In addition, both parties have agreed to double their previous commitments of sales and marketing resources to PLAS+(R)SD. Part of VITEX's commitment includes adding its own force of ten sales specialists to work with the ANRC sales representatives currently in the field. Concurrently, ANRC will initiate a campaign to highlight the benefits of PLAS+(R)SD to the general public. A number of these initiatives are already underway.
The highlights of this agreement include:
-- The marketing investment by the ANRC will more than double during the
launch phase. As previously announced, VITEX will be adding a sales
force of ten people to help convert the major teaching hospitals where
the bulk of the transfusion plasma is purchased and transfused. That
sales force will be largely in place by year-end 1998.
-- The ANRC will initiate a campaign to increase the public's awareness of
this important advance in blood safety.
-- VITEX will cost effectively manufacture PLAS+(R)SD at the guaranteed
minimum levels.
John Barr, VITEX President and CEO stated, "VITEX is extremely pleased to reaffirm and expand our relationship with the ANRC. Our collaboration with ANRC strengthens our presence in the marketplace and demonstrates both parties' commitment to make PLAS+(R)SD broadly available to the American public as soon as possible."
Christopher Lamb, Vice President Plasma Operations at ANRC also commented, "The ANRC is committed to making the blood supply even safer with the introduction of the first virally inactivated blood product for transfusion in the United States. Our collaboration with VITEX is very important in meeting this objective. The ANRC has already significantly increased our sales and marketing investment in distributing PLAS+(R)SD while also making the product more affordable to our hospital customers. We are excited about PLAS+(R)SD and convinced it will become the transfusion plasma of choice by hospitals, physicians and patients."
PLAS+(R)SD is a transfusion plasma product that utilizes the company's solvent detergent process to remove lipid enveloped viruses including HIV, Hepatitis C and Hepatitis B, from the blood plasma.
VITEX is a leading developer and manufacturer of a broad portfolio of blood products that utilize its patented virus 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+(R)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+(R)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.
The American National Red Cross is a volunteer-led humanitarian service organization that annually provides almost half the nation's blood supply, certifies more than 8.5 million people in vital life saving skills, mobilizes relief to victims in more than 68,000 disasters nationwide, provides direct health services to 2.8 million people, assists international disaster and conflict victims in more than 40 countries, and transmits more than 14 million emergency messages to members of the Armed Forces and their families.
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.
SOURCE V. I. Technologies (Vitex)
CO: V. I. Technologies (Vitex); American National Red Cross
ST: New York
IN: MTC HEA FIN
SU:
12/21/98 07:05 EST prnewswire.com
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