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Vasogen Announces Second Quarter 2009 Results
Date:7/14/2009

MISSISSAUGA, ON, July 14 /PRNewswire-FirstCall/ - Vasogen Inc. (NASDAQ: VSGN; TSX:VAS) today reported the results of operations for the three and six months ended May 31, 2009. All dollar amounts referenced herein are in Canadian dollars unless otherwise noted.

At May 31, 2009, our cash and cash equivalents totaled $5.8 million, compared with $7.3 million at February 28, 2009. Our net cash used in operating activities for the three and six months ended May 31, 2009, was $1.4 million and $3.2 million, respectively, compared with $7.6 million and $11.0 million for the same periods in 2008. The $1.4 million of net cash used in operating activities for the three months ended May 31, 2009 included the payment of $0.6 million in accounts payable and accrued liabilities that were outstanding as at February 28, 2009 and $0.4 million in one-time payments for our insurance programs which should provide the necessary coverage in the event that our strategic review process results in our Company being sold, merged, acquired, dissolved, or liquidated.

The net loss for the second quarter of 2009 was $1.4 million, or $0.06 per common share, compared with a net loss of $7.4 million, or $0.33 per common share for the same period in 2008. The $1.4 million loss for the three months ended May 31, 2009 included a charge for restructuring costs of $0.5 million, professional fees, mainly related to our ongoing strategic review, of $0.3 million, the amortization of insurance that has been previously paid in the amount of $0.1 million, and a non-cash stock compensation expense of $0.1 million during the second quarter of 2009.

We incurred a net loss for the six months ended May 31, 2009 of $3.3 million, or $0.15 per common share, compared with a net loss of $12.7 million, or $0.57 per common share for the same period in 2008. The loss for the three and six months end
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