Vasogen originally listed on Montreal moved to TSE this summer--hence the name of the subject.
Here's the latest report:
Regards
Stevie
Vasogen 1999 second-quarter report
Vasogen Inc VAS
Shares issued 33,561,122 Aug 9 close $1.67
Tue 10 Aug 99 Company Review
Mr. William Cochrane and David Elsley review the company
During the quarter, Vasogen advanced the development of its proprietary
immune modulation therapies for the treatment of cardiovascular, autoimmune
and related inflammatory diseases, announced exciting research results in
the areas of atherosclerosis and autoimmune disease, received approval to
list its common shares on the Toronto Stock Exchange, and cleared its final
prospectus with regulatory authorities Ä- resulting in a $7.5-million
increase in cash resources.
On April 22, researchers from the University of Toronto announced results
from preclinical studies showing that Vasogen's immune modulation therapy,
VasoCare, reduced the development of atherosclerosis by up to 75 per cent.
Atherosclerosis is the buildup of cholesterol-containing plaque within the
blood vessel wall and is the major cause of cardiovascular disease, the
leading cause of death and disability in developed countries. The studies
were performed in a widely-accepted mouse model of human atherosclerosis,
at St. Michael's Hospital, University of Toronto, under the direction of
Dr. Duncan Stewart, head of the division of cardiology. Dr. Stewart's
results were presented at the experimental biology meeting of the
Federation of American Societies of Experimental Biology in Washington,
D.C.
In collaboration with the University of Montreal, the company advanced the
development of VAS971 for the protection of organs and tissues against
ischemia/reperfusion injury during major vascular surgery. I/R injury,
which results from an interruption in blood flow, is the major cause of the
severe tissue damage during vascular surgery and leads to increased
mortality, higher complication rates, prolonged post-surgical recovery
times and consequent higher costs to health care systems. The company has
now completed the final phase of preclinical studies necessary to support
regulatory submission to the Food and Drug Administration to commence
clinical trials in the United States.
On May 4, the company announced results showing that VAS972, the company's
proprietary immune modulation therapy for autoimmune disease, significantly
reduced the inflammatory response in a preclinical study of contact
hypersensitivity. The therapeutic effect of VAS972 in this model of
autoimmune disease mechanisms is comparable to that of several powerful but
toxic immunosuppressive agents, such as cyclosporine, which are currently
used to treat a number of autoimmune diseases.
The studies were carried out at the Sunnybrook Health Sciences Centre,
University of Toronto, under the direction of Dr. Daniel Sauder, chief of
dermatology, and a leading authority on the immunology of the skin and skin
diseases. Contact hypersensitivity results from an immune response
associated with a particular population of T cells, the Th1 cells.
Overactivity of Th1 cells is common in many autoimmune diseases including
rheumatoid arthritis, psoriasis, and multiple sclerosis. Based on Dr.
Sauder's results, the company is proceeding with a series of preclinical
studies at the University of Toronto to further investigate the therapeutic
potential of VAS972 in the area of autoimmune disease.
The development of VAS981 for the prevention of graft-versus-host disease
in patients receiving bone marrow transplants for the treatment of certain
types of cancers is proceeding on schedule. In collaboration with Dr. David
Spaner at the division of cancer biology research, Sunnybrook Health
Sciences Centre, University of Toronto, and Dr. Hans Messner, professor of
medicine, and director of the bone marrow transplant program, Ontario
Cancer Institute/Princess Margaret Hospital, the company is completing the
additional preclinical work that is expected to enable VAS981 to enter
clinical development later this year.
Vasogen concluded the quarter with the announcement that its common shares
have been approved for listing on the Toronto Stock Exchange. Trading on
the TSE under the symbol "VAS" will commence during July.
CONSOLIDATED STATEMENT OF OPERATIONS
Six months ended May 31
(in thousands of dollars)
1999 1998
Expenses
Research and
development $2,040 $2,080
Salaries 601 580
Professional fees 296 387
General and
administration 592 400
Amortization of capital
assets 18 8
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Loss for the period $3,547 $3,455
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Loss per share 12 cents 14 cents
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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