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Vasogen Announces Second Quarter 2008 Results
Date:7/9/2008

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.

Corporate Update

- 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

commercialization o
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SOURCE Vasogen Inc.
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