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Vasogen Announces Second Quarter 2003 Results Mississauga, Ontario - July 23, 2003 Vasogen (TSX:VAS; AMEX:VSV), today reported the results of operations for the second quarter of 2003. Comparative figures relate to the three-month and six-month periods ending May 31, 2003, and to the three-month and six-month periods ending May 31, 2002. All amounts referenced herein are in Canadian dollars, unless otherwise stated. Cash, cash equivalents, and marketable securities held to maturity totalled $30.0 million at May 31, 2003, versus $42.7 million at year-end 2002. The total number of common shares outstanding at the end of the second quarter of 2003 was 52.0 million. Subsequent to the end of the second quarter, the Company completed a private placement for gross proceeds of US$37.9 million (Cdn$51.2 million), resulting in the issuance of 9.5 million shares at a price of US$4.00 per share. The loss for the second quarter of 2003 was $7.3 million, or $0.14 per share, compared with a loss of $4.5 million, or $0.09 per share, in 2002. The loss for the six months ended May 31, 2003, was $12.8 million, or $0.25 per share, compared with a loss of $9.5 million, or $0.20 per share, in 2002. The increased loss resulted mainly from higher costs associated with the advancement of the Company's phase III clinical programs in chronic heart failure and peripheral arterial disease. Research and development expenditures totalled $5.0 million in the second quarter of 2003, compared with $2.8 million in 2002. For the six months ended May 31, 2003, research and development expenses totalled $8.4 million, compared with $6.0 million in 2002. The increase in spending primarily reflects costs to support Vasogen's phase III programs. General and administration expenditures totalled $2.6 million for the second quarter of 2003, compared with $1.9 million in 2002. For the six months ended May 31, 2003, general and administration expenses totalled $4.9 million, compared with $3.9 million in 2002. These increases resulted mainly from increases in insurance expense and other infrastructure costs associated with supporting the Company's clinical programs. For the second quarter of 2003, investment income was comparable to the same period in 2002. For the six months ended May 31, 2003, investment income totalled $0.6 million, compared with $0.4 million for the same period in 2002. An expanded Management's Discussion and Analysis for the quarter is accessible on Vasogen's Web site at www.vasogen.com. Highlights:
A quarterly conference call will be conducted on Wednesday, July 23, 2003 at 4:10 p.m. Eastern Time. The conference can be accessed by calling 416-695-6120 or 1-877-461-2814 ten minutes prior to the call. An audio web cast of the event will also be available at www.vasogen.com About Vasogen: View entire press release with Financials. This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. For this purpose, any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, the words "believes," "anticipates," "plans," "intends," "will," "should," "expects," "projects," and similar expressions are intended to identify forward-looking statements. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances, or events to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, those associated with the success of research and development programs, the regulatory approval process, competition, securing and maintaining corporate alliances, market acceptance of the Company's products, the availability of government and insurance reimbursements for the Company’s products, the strength of intellectual property, financing capability, the potential dilutive effects of any financing, reliance on subcontractors and key personnel and other risks detailed from time-to-time in the Company's public disclosure documents or other filings with the Canadian and U.S. securities commissions or other securities regulatory bodies. The forward-looking statements are made as of the date hereof, and the Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. CONTACT:
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