SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* GREAT POINT PARTNERS LLC (Last) (First) (Middle) 2 PICKWICK PLAZA, SUITE 450, (Street) GREENWICH CT 06830 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 03/11/2005	3. Issuer Name and Ticker or Trading Symbol V I TECHNOLOGIES INC [ VITX ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	3,082,884	I(1)	By Biomedical Value Fund, L.P.(1)
Common Stock	2,795,000	I(2)	By Biomedical Offshore Value Fund, Ltd.(2)
Common Stock	62,500	I(3)	By Jeffrey R. Jay, M.D.(3)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants	03/11/2005	03/10/2010	Common Stock	1,387,298	$2.4(4)	I(1)	By Biomedical Value Fund, L.P.(2)
Warrants	03/11/2005	03/10/2010	Common Stock	1,257,750	$2.4(4)	I(2)	By Biomedical Offshore Value Fund, Ltd.(2)
Warrants	03/11/2005	03/10/2010	Common Stock	28,125	$2.4(4)	I(3)	By Jeffrey R. Jay, M.D.(3)

1. Name and Address of Reporting Person* GREAT POINT PARTNERS LLC (Last) (First) (Middle) 2 PICKWICK PLAZA, SUITE 450, (Street) GREENWICH CT 06830 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* BIOMEDICAL VALUE FUND I (Last) (First) (Middle) 2 PICKWICK PLAZA, SUITE 450 (Street) GREENWICH CT 06830 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Biomedical Offshore Value Fund, Ltd. (Last) (First) (Middle) CAYMAN CORPORATE CENTRE, 27 HOSPITAL RD (Street) GEORGE TOWN E9 CJ08 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* JAY JEFFREY R (Last) (First) (Middle) 2 PICKWICK PLAZA, SUITE 450 (Street) GREENWICH CT 06830 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Securities held directly by Biomedical Value Fund, L.P. ("BMVF") and indirectly by Great Point Partners, LLC ("Great Point") and Jeffrey R. Jay, M.D. ("Dr. Jay"). Great Point is the investment manager of BMVF and by virtue of such status may be deemed to be the beneficial owner of securities held by BMVF. Dr. Jay, as senior managing member of Great Point, has voting and investment power with respect to securities held by BMVF and may be deemed to be the beneficial owner of securities held by BMVF. Great Point and Dr. Jay each disclaim beneficial ownership of shares held by BMVF, except to the extent of its or his pecuniary interest and this report shall not be deemed to be an admission that either is the beneficial owner of such securities.

2. Securities held directly by Biomedical Offshore Value Fund, Ltd. ("BOVF") and indirectly by Great Point and Dr. Jay. Great Point is the investment manager of BOVF and by virtue of such status may be deemed to be the beneficial owner of securities held by BOVF. Dr. Jay, as senior managing member of Great Point, has voting and investment power with respect to securities held by BOVF. Great Point and Dr. Jay each disclaim beneficial ownership of shares held by BOVF, except to the extent of its or his pecuniary interest and this report shall not be deemed to be an admission that either is the beneficial owner of such securities.

3. Securities held directly by Dr. Jay. None of BMVF, BOVF or Great Point have any pecuniary interest in such securities.

4. Adjusted to reflect 1:10 reverse stock split which occurred on 3/14/2005.

Remarks:

The number of shares and warrants reported herein have been adjusted to reflect a 1:10 reverse stock split which occurred on 3/14/2005.

	Great Point Partners, LLC By: Jeffrey R. Jay, M.D.	03/21/2005
	Biomedical Value Fund, L.P. By: Jeffrey R. Jay, M.D.	03/21/2005
	Biomedical Offshore Value Fund, Ltd. By: Jeffrey R. Jay, M.D.	03/21/2005
	Jeffrey R. Jay, M.D.	03/21/2005
	** Signature of Reporting Person	Date
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