Vasogen Inc. (Vasogen) has provided an update on corporate activities. Pursuant to a previously announced restructuring plan, Vasogen has been reviewing strategic alternatives for the purpose of enhancing shareholder value. This process has included screening, reviewing, and short-listing potential opportunities including the sale of the company, a merger or acquisition, and exploring the monetization of certain tangible and intangible assets.
The process has also included a review of the potential out-licensing of assets, asset divestiture, or liquidation of the company. Vasogen also reported that during this process it has completed a number of initiatives to significantly reduce its base cash burn rate and conserve cash and completed its fiscal year end with over $8.5 million in cash resources.
“While the strategic review process has taken longer than hoped, we continue to be intensely focused on bringing this process to a close,” commented Chris Waddick, president and CEO of Vasogen. “Based on our current status, we anticipate being in a position to provide a further update to shareholders before the end of January.”
In October 2008, the NASDAQ Stock Market had suspended the enforcement of the rules requiring a minimum $1 closing price until January 20, 2009. Due to the “continued extraordinary market conditions” the NASDAQ has recently extended this suspension. Accordingly, the NASDAQ will not take action to delist any security, including Vasogen’s shares, for a violation of the minimum bid price rule during the suspension, which now has been extended until April 20, 2009.