Vasogen reports second-quarter loss of C$22.4 million

By Lisa Kerner

Charlotte, N.C., July 12 - Vasogen, Inc. reported a loss of C$22.4 million, or C$0.26 per share, for the second-quarter, compared with a loss of C$25.1 million, or C$0.31 per share, reported in the second quarter of 2005.

For the six months ended May 31, the loss was C$41.8 million, or C$0.49 per share, compared with a loss of C$45.0 million, or C$0.57 per share, for the comparable period in 2005.

At May 31, the company's cash and cash equivalents, restricted cash and marketable securities held to maturity totaled C$42.5 million, down from the C$85.2 million at Nov. 30, 2005.

Vasogen said recent company highlights included initial results from the phase 3 Acclaim trial of Celacade technology in chronic heart failure and positive preclinical findings from the VP025 drug development program in diabetes.

Vasogen is a Mississauga, Ont., biopharmaceutical company developing technologies targeting the chronic inflammation underlying cardiovascular and neurological disease.

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