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At May 31, 2008, our cash and cash equivalents totaled $12.4 million,compared with $19.9 million at February 29, 2008.
The net loss for the second quarter of 2008 was $7.4 million, or $0.33 percommon share, compared with a net loss of $9.7 million, or $0.54 per commonshare for the same period in 2007. We incurred a net loss for the six monthsended May 31, 2008 of $12.7 million, or $0.57 per common share, compared witha net loss of $17.4 million, or $1.02 per common share for the same period in2007. A key driver of this decrease was a reduction in expenses resulting fromthe repayment of the senior convertible notes in April 2007, lowerrestructuring costs, reduced stock compensation expense, lower infrastructureand other support costs driven by lower employee numbers in 2008, and adecrease in the foreign exchange loss that was incurred in the prior periods.
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Certain statements in this document constitute "forward-lookingstatements" within the meaning of the United States Private SecuritiesLitigation Reform Act of 1995 and/or "forward-looking information" under theSecurities 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 ourcurrent activities, statements concerning our partnering activities, healthregulatory submissions, strategy, future operations, future financialposition, future revenues and projected costs. In some cases, you can identifyforward-looking statements by terminology such as "may", "will", "should","expects", "plans", "anticipates", "believes", "estimated", "predicts","potential", "continue", "intends", "could", or the negative of such terms orother comparable terminology. We made a number of assumptions in thepreparation of these forward-looking statements. You should not place unduereliance on our forward-looking statements, which are subject to a multitudeof risks and uncertainties that could cause actual results, futurecircumstances or events to differ materially from those projected. These risksinclude, but are not limited to, the outcome of our strategic review, securingand maintaining corporate alliances, the need for additional capital and theeffect of capital market conditions and other factors, including haltingdevelopment of the Celacade System and VP series of drugs, on capitalavailability, the potential dilutive effects of any financing and other risksdetailed from time to time in our public disclosure documents or other filingswith the Canadian and U.S. securities commissions or other securitiesregulatory bodies. Additional risks and uncertainties relating to our Companyand our business can be found in the "Risk Factors" section of our AnnualInformation Form and Form 20-F for the year ended November 30, 2007, as wellas in our later public filings, including our Management's Discussion andAnalysis for the quarter ended May 31, 2008. The forward-looking statementsare made as of the date hereof, and we disclaim any intention and have noobligation or responsibility, except as required by law, to update or reviseany forward-looking statements, whether as a result of new information, futureevents or otherwise.
The unaudited interim consolidated financial statements, accompanyingnotes to the unaudited interim consolidated financial statements, andManagement's Discussion and Analysis for the three and six months ended May31, 2008, will be accessible on Vasogen's Website at www.vasogen.com and willbe available on SEDAR and EDGAR.Corporate Update - On April 14, 2008, we announced the implementation o
