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Vasogen Announces First Quarter 2009 Results
Date:4/13/2009

assets. The process has also included a review of the potential out-licensing of assets, lapsing of patents and patent applications, asset divestiture, or liquidation of the Company. At this time, we have significantly narrowed down the number of third party proposals under consideration. If a definitive agreement that the Board believes is in the best interest of our shareholders cannot be reached in the near future, the Board will consider the other alternatives that it has also been evaluating. These alternatives include the potential to realize value from the monetization of certain intangible assets either alone or potentially in combination with a strategic transaction. The Board will continue to assess the merits of these options relative to liquidating the Company and distributing the remaining cash to the shareholders. - As at February 28, 2009, we had cash and cash equivalents of $7.3 million and had 22.5 million common shares issued and outstanding. Other than our accounts payable and accrued liabilities, we do not have any debt. - We sold a United States patent application and its related foreign counterparts for US$0.4 million. This device-based intellectual property has not been used to date in the Celacade System; however, we have retained rights to this technology for any potential use as it relates to our Celacade System. - Subsequent to quarter end, on March 25, 2009, the NASDAQ Stock Market further suspended the enforcement of the Minimum Bid Price Rule requiring a minimum US$1.00 closing price until July 20, 2009. Accordingly, the NASDAQ indicated that it will not take action to delist any security, including our common shares, for a violation of the minimum bid price rule during the suspension. '/>"/>
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