MISSISSAUGA, ON, April 13 /PRNewswire-FirstCall/ - Vasogen Inc. (NASDAQ: VSGN; TSX:VAS) today reported the results of operations for the three months ended February 28, 2009. All dollar amounts referenced herein are in Canadian dollars unless otherwise noted.
At February 28, 2009, our cash and cash equivalents totaled $7.3 million, compared with $8.6 million at November 30, 2008.
We incurred a net loss for the three months ended February 28, 2009 of $1.9 million, or $0.09 per common share, compared with a net loss of $5.3 million, or $0.24 per common share for the same period in 2008. This decrease is the result of a significant reduction in the number of employees and a decision not to incur material expenditures to advance our products during the Company's ongoing strategic review process. Restructuring costs of $1.1 million were included in our net loss for the three months ended February 28, 2009.
Corporate Update - To further reduce the rate at which we use our cash during our strategic review process, in February 2009 we further reduced our number of full-time employees to two. As part of this restructuring, the employment of Chris Waddick, our President and CEO, was terminated effective February 28, 2009. Mr. Waddick has agreed to fulfill the role of CEO, in a consulting capacity at substantially reduced compensation, to assist the Board in bringing closure to the ongoing strategic review process. - Pursuant to our restructuring plan, our Board of Directors and Management has been actively involved in a process of screening, reviewing, and short-listing potential opportunities including the sale of the Company, or a merger or acquisition, and exploring the monetization of certain tangible and intangible
|SOURCE Vasogen Inc.|
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