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Vasogen Announces First Quarter 2003 Results

Mississauga, Ontario - April 28, 2003

Vasogen (TSX:VAS; AMEX:VSV), a leader in the development of immune modulation therapies for the treatment of cardiovascular disease and other chronic inflammatory disorders, today reported the results of operations for the first quarter of 2003. All amounts referenced herein are in Canadian dollars, unless otherwise stated.

The loss for the first quarter of 2003 was $5.4 million, or $0.10 per share, compared with a loss of $5.0 million, or $0.11 per share, in 2002. The increased loss resulted primarily from higher costs associated with clinical research and the corporate costs associated with supporting this activity.

Research and development expenditures totalled $3.5 million in the first quarter of 2003, compared with $3.2 million in 2002. General and administration expenditures totalled $2.3 million for the first quarter of 2003, compared with $2.0 million in 2002. For the first quarter of 2003, investment income increased to $0.3 million, compared with $0.2 million in 2002.

Cash, cash equivalents, and marketable securities held to maturity totalled $36.9 million, versus $42.7 million at year-end 2002. The total number of common shares outstanding at the end of the first quarter of 2003 was 51.9 million, unchanged from year-end.

An expanded Management's Discussion and Analysis for the quarter is accessible on Vasogen's Web site at www.vasogen.com.

Highlights

• Vasogen is advancing two pivotal phase III programs targeting chronic inflammation in major cardiovascular diseases - the ACCLAIM trial in advanced chronic heart failure (HF) and the SIMPADICO trial in peripheral arterial disease (PAD).
• The phase III ACCLAIM trial has received U.S. and Canadian regulatory approvals and is currently recruiting clinical sites to enroll up to 2,000 patients at cardiac centers throughout North America. The primary outcome measure of the trial is the composite endpoint of all-cause mortality or hospitalization for cardiovascular causes (time to first event). The Global Principal Investigator and Chairman of the Steering Committee for Vasogen's ACCLAIM trial is James B. Young, MD, Medical Director of the Kaufman Center for Heart Failure and Head of the Section of Heart Failure and Cardiac Transplant Medicine at The Cleveland Clinic Foundation.
• The phase III SIMPADICO trial, currently enrolling patients at cardiac centers throughout North America, is evaluating the impact of Vasogen's immune modulation therapy on maximal treadmill walking distance, the efficacy endpoint recognized by the FDA and other regulatory authorities for approving new PAD therapies.
  
  The Principal Investigator and Chairman of the Steering Committee for Vasogen's 500-patient SIMPADICO trial is Jeffrey W. Olin, DO, FACP, FACC, Director of the Vascular Medicine Program at The Zena and Michael A. Wiener Cardiovascular Institute, Mount Sinai School of Medicine in New York.
• Milton Packer, MD, Director of the Heart Failure Center at the Columbia-Presbyterian Medical Center, and Valentin Fuster, MD, PhD, Director of The Zena and Michael A. Wiener Cardiovascular Institute and The Marie-Josée and Henry R. Kravis Cardiovascular Health Center at the Mount Sinai School of Medicine, joined Vasogen's Scientific Advisory Board.
• Dr. Packer, who is also the Dickinson W. Richards, Jr., Professor of Medicine, Professor of Pharmacology, and Chief of the Division of Circulatory Physiology at the Columbia University College of Physicians and Surgeons in New York, is one of the leading experts in the pathophysiology and treatment of heart failure. Dr. Packer has made significant contributions to heart failure research and has been instrumental in the introduction of a number of new treatments. The author of more than 200 papers, he has won numerous honors for teaching and has lectured around the world, including a number of prestigious named lectureships, on the treatment of heart failure. He has served, or currently serves, on the editorial boards of many major medical journals, including Circulation and Journal of the American College of Cardiology. He has also been elected to a number of societies, including the American Society for Clinical Investigation. He is currently on the executive committees of both the American Heart Association and the American College of Cardiology and is past-President of the Heart Failure Society of America. Dr. Packer is a primary consultant to the National Institutes of Health and the Food and Drug Administration on the management of heart failure and on matters related to cardiovascular research and drug development and healthcare policy.
• Dr. Fuster, who is also the Richard Gorlin, MD/Heart Research Foundation Professor of Cardiology in New York, is recognized as a leading expert in coronary disease, atherosclerosis, and thrombosis research. He is past-President of the American Heart Association, former member of the National Heart, Lung, and Blood Institute Advisory Council, and Chairman of the Fellowship Training Directors Program of the American College of Cardiology. He has published over 400 articles on coronary disease, atherosclerosis, and thrombosis, and is the Lead Editor of The Heart, a major textbook on cardiology. Dr. Fuster has received the Andreas Gruntzig Scientific Award of the European Society of Cardiology, as well as many awards from both the American College of Cardiology and the American Heart Association. He is the recipient of nine honorary degrees from distinguished universities throughout the world, and received the Principe de Asturias Award of Science and Technology, the highest award to Spanish-speaking scientists from the son of the King and Queen of Spain. Recently, Dr. Fuster was elected as a member of the Institute of Medicine of the National Academy of Sciences, and was appointed President-Elect of the World Heart Federation. Dr. Fuster recently received the "Gold Heart Award," the American Heart Association's highest award.

View entire press release with Financials.

Vasogen is a leader in the research and commercial development of immune modulation therapies for the treatment of cardiovascular disease and other inflammatory disorders.

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:
Glenn Neumann, Investor Relations
2155 Dunwin Drive
Mississauga, ON, Canada L5L 4M1
tel: (905) 569-9065 fax: (905) 569-9231
www.vasogen.com / investor@vasogen.com