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V.I. Technologies, Inc. (Vitex)
John R. Barr
Vitex Reports Fourth Quarter and Full Year Results for 2004
Watertown, MA (February 28, 2005) V.I. Technologies, Inc. (Nasdaq: VITX) (Vitex or the Company), a biotechnology company dedicated to developing the next generation of anti-infective products, today announced its financial results for the fourth quarter and year ended December 31, 2004.
For the fourth quarter of 2004, Vitex reported a net loss of $7.2 million or $0.13 per share versus a net loss of $2.7 million or $0.07 per share for the fourth quarter of 2003. Revenue from research funding increased from $0.4 million in the fourth quarter of 2003 to $1.2 million in the fourth quarter of 2004, reflecting the recognition into revenue of approximately $0.8 million in previously deferred revenue relating to non-refundable up-front and milestone payments from Amersham Pharmacia Biotech. In the fourth quarter of 2004, we terminated our contract with Amersham, which covered the development and marketing of INACTINE for use as a pathogen reduction step in the manufacture of biopharmaceuticals. The decision to terminate the agreement was based on the likelihood of commercial success following a forecasted lengthy and expensive development and regulatory process.
Research and development spending in the fourth quarter of 2004 increased to $5.6 million from $2.6 million in the fourth quarter of 2003. In November of 2004, we suspended enrollment in our Phase III surgical or acute study for the INACTINE pathogen reduction system for red blood cells, following the identification of an immune response to INACTINE-treated red blood cells in a single patient in the study. As a result, Vitex performed an impairment review of long-lived assets and took a non-cash charge of $2.5 million in the fourth quarter of 2004 to write-off certain intangible assets associated with the core technology. The Company also recorded a one-time charge of $0.6 million to reflect the cumulative impact of a change in leased property accounting over the past five (5) years, which was not material to the Companys reported results in any one year.
The following information was filed by Panacos Pharmaceuticals, Inc. (PANC) on Monday, February 28, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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