Vasogen Announces 2007 Year-End Results( MISSISSAUGA ON Jan. 16 / Vasogen ...)

MISSISSAUGA, ON, Jan. 16 /PRNewswire-FirstCall/ - Vasogen Inc. (NASDAQ:VSGN; TSX:VAS), today reported the results of operations for the fiscal year ended November 30, 2007. All dollar amounts referenced herein are in Canadian dollars unless otherwise noted.

At November 30, 2007, our cash and cash equivalents totaled $23.5 million, compared with $30.4 million at November 30, 2006. The change in our cash position resulted mainly from cash used for operations partially offset by cash provided by financing activities. Our net cash used for operations for the three months ended November 30, 2007, was $4.5 million.

The net loss for the fourth quarter of 2007 was $6.1 million, or $0.27 per common share. We incurred a net loss for the year ended November 30, 2007 of $28.8 million, or $1.46 per common share, compared with a net loss of $66.4 million, or $7.05 per common share for the same period in 2006. The key drivers of our reduced losses in 2007 are lower research and development expenses as a result of the completion of our phase III clinical programs in 2006, the corporate costs associated with supporting these programs, and a reduction in expenses associated with our senior convertible notes. These reductions in expenses were partially offset by restructuring costs. The difference between cash used in operations and our accounting loss is driven by non-cash items, such as expenses related to our senior convertible notes and stock options, as well as unrealized foreign exchange gains and losses.

Highlights

- The results from the phase III ACCLAIM trial of our Celacade(TM)

System in patients with chronic heart failure were accepted for

publication in The Lancet, a world-leading medical
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