MISSISSAUGA, ON, July 9 /PRNewswire-FirstCall/ - Vasogen Inc. (NASDAQ:VSGN; TSX:VAS) today reported the results of operations for the three and six months ended May 31, 2008. All dollar amounts referenced herein are in Canadian dollars unless otherwise noted.
At May 31, 2008, our cash and cash equivalents totaled $12.4 million, compared with $19.9 million at February 29, 2008.
The net loss for the second quarter of 2008 was $7.4 million, or $0.33
per common share, compared with a net loss of $9.7 million, or $0.54 per
common share for the same period in 2007. We incurred a net loss for the
six months ended May 31, 2008 of $12.7 million, or $0.57 per common share,
compared with a net loss of $17.4 million, or $1.02 per common share for
the same period in 2007. A key driver of this decrease was a reduction in
expenses resulting from the repayment of the senior convertible notes in
April 2007, lower restructuring costs, reduced stock compensation expense,
lower infrastructure and other support costs driven by lower employee
numbers in 2008, and a decrease in the foreign exchange loss that was
incurred in the prior periods.
- On April 14, 2008, we announced the implementation of a strategic
restructuring plan to significantly reduce our cash burn rate and
focus our efforts on opportunities that the Board and Management
believe are most likely to provide shareholder value. As a result
of this restructuring, our work force was reduced by approximately
85% during the quarter. As a result, we are no longer maintaining
the necessary quality processes or personnel to support European
|SOURCE Vasogen Inc.|
Copyright©2008 PR Newswire.
All rights reserved