MISSISSAUGA, ON, April 25 /PRNewswire-FirstCall/ - Vasogen Inc.
(NASDAQ:VSGN; TSX:VAS), today announced that on April 24, 2008, the Company
received a letter from the Listing Qualifications Department of The NASDAQ
Stock Market indicating that the minimum closing bid price of its common stock
had fallen below $1.00 for 30 consecutive trading days, and therefore, Vasogen
was not in compliance with Marketplace Rule 4310(c)(4) (the "Rule"). In
accordance with the NASDAQ Marketplace Rule 4310(c)(8)(D), Vasogen is provided
a compliance period of 180 calendar days, or until October 21, 2008, to regain
compliance with this requirement. If the Rule requirements cannot be
demonstrated by October 21, 2008, but Vasogen continues to meet the NASDAQ
Capital Market initial listing criteria, other than the bid price, NASDAQ will
provide an additional 180 calendar days to meet the Rule requirements. The
notice has no effect on the listing of Vasogen's common stock at this time,
and its common stock will continue to trade on the NASDAQ Capital Market under
the symbol "VSGN", as well as on the Toronto Stock Exchange under the symbol
"VAS".
Vasogen can regain compliance with the Rule if the bid price of its common
stock closes at $1.00 or higher for a minimum of ten consecutive business days
during the compliance period, although NASDAQ may, in its discretion, require
the Company to maintain a minimum closing bid price of at least $1.00 per
share for a period in excess of ten consecutive business days (but generally
no more than 20 consecutive business days) before determining that Vasogen has
demonstrated the ability to maintain long-term compliance. If Vasogen is not
eligible for an additional compliance period, or does not regain compliance
during any additional compliance period, NASDAQ will provide written notice to
the Company that its securities will be delisted from the NASDAQ Capital
Market.
About Vasogen
Vasogen is a biotechnology company engaged in the research and development
of therapies designed to target the destructive inflammatory process
associated with the development and progression of cardiovascular and
neurodegenerative disorders.
Certain statements contained in this press release, or elsewhere in our
public documents constitute "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and/or
"forward-looking information" under the Securities Act (Ontario). These
statements may include, without limitation, plans to advance the development
of the Celacade(TM) System or our VP Series of drugs including VP015 and
VP025, plans to fund our current activities, statements concerning our
partnering activities, health regulatory submissions, strategy, future
operations, future financial position, future revenues and projected costs. In
some cases, you can identify forward-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 or other comparable terminology. We made a number of
assumptions in the preparation of these forward-looking statements, including
assumptions about the nature, size, and accessibility of the market for
Celacade in the treatment of chronic heart failure, particularly in Europe,
the regulatory approval process leading to commercialization and the
availability of capital on acceptable terms to pursue the development of
Celacade, and the feasibility of additional trials. You should not place undue
reliance on our forward-looking statements which are subject to a multitude of
risks and uncertainties that could cause actual results, future circumstances
or events to differ materially from those projected. These risks include, but
are not limited to, the outcome of further ongoing analysis of the ACCLAIM
trial results, the requirement or election to conduct additional clinical
trials and the size and design of any such trials, delays or setbacks in the
regulatory approval process, difficulties in the maintenance of existing
regulatory approvals, securing and maintaining corporate alliances, the need
for additional capital and the effect of capital market conditions and other
factors on capital availability, the potential dilutive effects of any
financing, risks associated with the outcomes of our preclinical and clinical
research and development programs, the adequacy, timing, and results of our
clinical trials, competition, market acceptance of our products, the
availability of government and insurance reimbursements for our products, the
strength of intellectual property, reliance on partners, subcontractors, and
key personnel, losses due to fluctuations in the U.S.-Canadian exchange rate,
and other risks detailed from time to time in our public disclosure documents
or other filings with the Canadian and U.S. securities commissions or other
securities regulatory bodies. Additional risks and uncertainties relating to
our Company and our business can be found in the "Risk Factors" section of our
Annual Information Form and Form 20-F for the year ended November 30, 2007, as
well as in our later public filings. The forward-looking statements are made
as of the date hereof, and we disclaim any intention and have 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.
SOURCE Vasogen Inc.