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Gold/Mining/Energy : Vasogen-- VAS on TSE -- Ignore unavailable to you. Want to Upgrade?

To: EIGHT-N who wrote (184)	8/12/1999 12:39:00 AM
From: stevie	Respond to of 377

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 ------ ------ Loss for the period $3,547 $3,455 ====== ====== Loss per share 12 cents 14 cents (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com M