MISSISSAUGA, ON, April 3 /PRNewswire-FirstCall/ - Vasogen Inc. (NASDAQ:VSGN; TSX:VAS), today reported the results of operations for the three months ended February 29, 2008. All dollar amounts referenced herein are in Canadian dollars unless otherwise noted.
At February 29, 2008, our cash and cash equivalents totaled $19.9 million, compared with $23.5 million at November 30, 2007.
We incurred a net loss for the three months ended February 29, 2008, of $5.3 million, or $0.24 per common share, compared with a net loss of $7.7 million, or $0.47 per common share for the same period in 2007. A key driver of this decrease was a $1.6 million reduction in expenses resulting from the repayment of the senior convertible notes in April 2007, and lower infrastructure and other support costs driven by lower employee numbers in 2008.
For the three months ended February 29, 2008, research and development expenses decreased to $2.8 million from $3.0 million for the comparable period in 2007. During the first quarter of 2008, these costs were incurred for the initial commercialization of Celacade in Europe and for preparations for ACCLAIM II, a study designed to evaluate the Celacade technology for the treatment of patients with NYHA Class II heart failure.
General and administration expenses were $2.7 million for the three
months ended February 29, 2008, compared to $3.6 million for the same
period in 2007 as a result of lower employee numbers.
- In January, preclinical findings demonstrating that VP025, the lead
candidate from our VP series of drugs, provides a significant
neuroprotective effect in a model of Parkinson's disease were
published in the European Jou
|SOURCE Vasogen Inc.|
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