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

monetization of certain tangible and intangible 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. The process involved narrowing down the number of third-party proposals. At this time, we are in the process of negotiating agreements that may result in one or more transactions with regard to the foregoing. There can be no assurances that we will be able to finalize any such agreements. The Board will also consider alternatives to these that it has also been evaluating. The Board will continue to assess the merits of these options relative to liquidating the Company and distributing the remaining cash to the shareholders.

The unaudited interim consolidated financial statements, accompanying notes to the unaudited interim consolidated financial statements, and Management's Discussion and Analysis for the three and six months ended May 31, 2009, will be accessible on Vasogen's website at www.vasogen.com and will be available on SEDAR and EDGAR.

Certain statements in this document constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and/or "forward-looking information" under the Securities Act (Ontario). These statements may include, without limitation, plans to consider a sale, merger, acquisition, or other alternatives resulting from our strategic review, statements regarding the status of development, or expenditures relating to the Celacade System or our VP series of drugs including VP015 and VP025, plans to fund our current activities, statements concerning our partnering activities, health regulatory submissions, strategy, future operations, future financial position, future
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