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Vasogen Completes US$42.3 Million Registered Direct Offering of Common Shares

- February 02, 2005

Vasogen Inc. (NASDAQ:VSGN; TSX:VAS), focused on the research and commercial development of technologies targeting chronic inflammation underlying cardiovascular and neurological disease, today announced that it has completed its previously announced registered direct offering of approximately 9.0 million of its common shares at a price of US$4.70 per share to institutional investors, for gross proceeds of approximately $42.3 million. The shares were offered under the Company’s existing shelf registration statement, as amended, and this offering completes the balance of this shelf registration. SG Cowen & Co., LLC, lead agent and sole book manager; Needham & Company, Inc., co-lead agent; and A.G. Edwards & Sons, Inc. acted as placement agents for the offering.

The Company plans to use the net proceeds of this financing to fund the ongoing development of its Celacade™ technology, to fund its drug development pipeline, including VP025, and for general corporate purposes.

About Vasogen
Vasogen is focused on the research and commercial development of technologies targeting the chronic inflammation underlying cardiovascular and neurological disease. Our lead product, the Celacade^TM technology, is currently in two pivotal phase III clinical trials in life-threatening cardiovascular conditions with significant unmet needs. The 500-patient phase III SIMPADICO trial, which has completed patient enrolment, is designed to further investigate the use of our Celacade technology to improve intermittent claudication, a debilitating symptom associated with peripheral arterial disease. The 2,000-patient phase III ACCLAIM trial, ongoing at more than 150 clinical centers in North America and Europe, is designed to further investigate the use of our Celacade technology to reduce the risk of death and hospitalization in patients with advanced chronic heart failure. We are also developing a new class of drugs for the treatment of neuro-inflammatory disorders, which include such devastating disorders as Parkinson’s disease and Alzheimer’s disease. VP025, the lead product candidate from this new class of drugs, is now entering phase I clinical development.