VASOGEN ANNOUNCES PRIVATE PLACEMENT OF US$40 MILLION OF SENIOR CONVERTIBLE NOTES

Vasogen Inc. (NASDAQ:VSGN -- News; TSX:VAS -- News), today announced that its wholly-owned Irish subsidiary, Vasogen Ireland Limited ("Vasogen Ireland"), has signed definitive agreements to close a private placement of US$40 million senior convertible notes to several institutional investors. Vasogen Inc. and/or Vasogen Ireland will use the net proceeds from the sale of the notes to fund the ongoing development of its Celacade(TM) technology, to fund its drug development pipeline, including VP025, and for general corporate purposes.

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