Vasogen reports three-month loss of C$19.3 million

By Lisa Kerner

Erie, Pa., April 17 - Vasogen Inc. said it had a net loss for the three months ended Feb. 28 of C$19.3 million, or C$0.23 per common share, compared with a net loss of C$19.9 million, or C$0.27 per common share, for the similar period in 2005.

The company said the reduced loss is due to a reduction in the costs associated with its phase 3 clinical programs, partially offset by expenses related to its senior convertible notes.

As of Feb. 28, Vasogen had cash and cash equivalents, restricted cash, and marketable securities held to maturity totaling $61.0 million, down from $85.2 million on Nov. 30.

Highlights for the quarter include completion of final patient assessments in the 2,400-patient multi-national pivotal phase 3 trial (Acclaim) of Celacade technology in patients with advanced chronic heart failure, and presentation of the Simpadico trial results.

Mississauga, Ont.-based Vasogen is focused on the research and commercial development of technologies targeting the chronic inflammation underlying cardiovascular and neurological disease.

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