MISSISSAUGA, ON, July 3 /PRNewswire-FirstCall/ - Vasogen Inc. (NASDAQ:VSGN; TSX:VAS) today announced that it has implemented additional restructuring plans to further reduce its cash burn rate. As previously announced, the Company has been exploring strategic alternatives that may include potential acquisitions and mergers. In conjunction with this process, the Company has also completed an extensive review of its VP series of drugs, and has determined that it is in the best interest of its shareholders to halt expenses associated with the VP program while it completes its strategic review process.
"While we maintain our belief in the science underlying both Celacade and our VP series of drugs, the Board believes that the decision announced today is necessary in order to further conserve cash resources while completing the Company's ongoing strategic review process," commented Chris Waddick, President and CEO of Vasogen.
Certain statements in this press release 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 resume operations, to advance the development of the
Celacade(TM) 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 revenues and projected costs. In some
cases, you can identify forward-looking statements by terminology such as
"may", "will", "should", "expects", "plans", "anticipates", "believes",
"estimated", "predicts", "
|SOURCE Vasogen Inc.|
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