Vasogen Provides Corporate Update

    MISSISSAUGA, ON, Jan. 6 /CNW/ - Vasogen Inc. (NASDAQ:  VSGN; TSX:VAS) today
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
    "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. Finally, effective December 31, 2008, Mr. Thomas Clarke
has retired from Vasogen's Board of Directors.  The Company wishes to thank
Mr. Clarke for his services.

    Certain statements in this document 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 complete a sale, merger, acquisition, or other strategic alternative,
statements regarding the status of development, or expenditures relating to 
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. 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 our strategic review, securing
and maintaining corporate alliances, the need for additional capital and the
effect of capital market conditions and other factors, including the current
status of our programs, on capital availability, the potential dilutive
effects of any financing 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,
including our Management's Discussion and Analysis for the quarter ended
August 31, 2008. 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.

    %SEDAR: 00001047E          %CIK: 0001042018

For further information:

For further information: Glenn Neumann, Investor Relations, 4 Robert
Speck Parkway, 15th Floor  Mississauga, ON L4Z 1S1, tel: (905) 817-2004, fax:
(905) 847-6270,,

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