MISSISSAUGA, ON, April 3 /PRNewswire-FirstCall/ - Vasogen Inc.(NASDAQ:VSGN; TSX:VAS), today reported the results of operations for the threemonths ended February 29, 2008. All dollar amounts referenced herein are inCanadian dollars unless otherwise noted.
At February 29, 2008, our cash and cash equivalents totaled $19.9 million,compared with $23.5 million at November 30, 2007.
We incurred a net loss for the three months ended February 29, 2008, of$5.3 million, or $0.24 per common share, compared with a net loss of $7.7million, or $0.47 per common share for the same period in 2007. A key driverof this decrease was a $1.6 million reduction in expenses resulting from therepayment of the senior convertible notes in April 2007, and lowerinfrastructure and other support costs driven by lower employee numbers in2008.
For the three months ended February 29, 2008, research and developmentexpenses decreased to $2.8 million from $3.0 million for the comparable periodin 2007. During the first quarter of 2008, these costs were incurred for theinitial commercialization of Celacade in Europe and for preparations forACCLAIM II, a study designed to evaluate the Celacade technology for thetreatment of patients with NYHA Class II heart failure.
General and administration expenses were $2.7 million for the three monthsended February 29, 2008, compared to $3.6 million for the same period in 2007as a result of lower employee numbers.
Due to the fact that we recently provided a detailed update on corporateactivities during our Annual Shareholders' Meeting on March 25, 2008, we willnot host a conference call at this time. A replay of the Annual Shareholders'Meeting presentation is available at www.vasogen.com.
Vasogen is a biotechnology company engaged in the research and commercialdevelopment of therapies designed to target the destructive inflammatoryprocess associated with the development and progression of cardiovascular andneurodegenerative disorders. The Company's lead product, the Celacade(TM)System, is designed to activate the immune response to apoptosis - animportant physiological process that regulates inflammation. Celacade hasreceived European regulatory approval under the CE Mark for chronic heartfailure and is being marketed in the EU by Grupo Ferrer Internacional, S.A.Celacade is also in late-stage clinical development for the treatment ofchronic heart failure in the United States. Vasogen is also developing a newclass of drugs for the treatment of certain neuro-inflammatory disorders.VP025 is the lead candidate from this new class of drugs.
Certain statements contained in this press release, or elsewhere in ourpublic documents constitute "forward-looking statements" within the meaning ofthe United States Private Securities Litigation Reform Act of 1995 and/or"forward-looking information" under the Securities Act (Ontario). Thesestatements may include, without limitation, plans to advance the developmentof the Celacade(TM) System or VP025, plans to fund our current activities,statements concerning our partnering activities, health regulatorysubmissions, strategy, future operations, future financial position, futurerevenues and projected costs. In some cases, you can identify forward-lookingstatements by terminology such as "may", "will", "should", "expects", "plans","anticipates", "believes", "estimated", "predicts", "potential", "continue","intends", "could", or the negative of such terms or other comparableterminology. We made a number of assumptions in the preparation of theseforward-looking statements, including assumptions about the nature, size, andaccessibility of the market for Celacade in the treatment of chronic heartfailure, particularly in Europe, the regulatory approval process leading tocommercialization and the availability of capital on acceptable terms topursue the development