More info:
Vasogen Will Do 1-For-10 Reverse Split
Monday April 16, 12:04 pm ET
Vasogen to Perform 1-For-10 Reverse Split to Add Institutional Investors, Meet $1 Listing Rule
NEW YORK (AP) -- Canadian biotechnology company Vasogen Inc., which focuses on the chronic inflammation underlying cardiovascular and neurological disease, said Monday it will implement a 1-for-10 reverse stock split.
Beginning Tuesday, the company's stock will trade on the Nasdaq Stock Market under the symbol "VSGND" to reflect the split. It will switch back to the symbol "VSGN" after 20 days.
The company said the split is intended to broaden its institutional investor base and help the company regain compliance with the $1 minimum bid price listing requirement of the Nasdaq.
Vasogen currently has 174.7 million shares outstanding. After the split, it will have 17.5 million shares outstanding.
Shares of Vasogen fell 3 cents to 39 cents in midday trading.
AP
Vasogen Peaks on Grupo Ferrer Agreement
Wednesday April 18, 11:10 am ET
Vasogen Shares Hit New Year High on Grupo Ferrer Collaboration to Bring Heart Drug to Market
NEW YORK (AP) -- Shares of Vasogen Inc. jumped Wednesday after the Canadian biotech drug developer announced a collaboration with Spanish drug and medical device maker Grupo Ferrer Internacional SA to bring the heart failure drug Celacade to market in the European Union.
Under the agreement, the companies will work to bring Vasogen's Celacade technology to European and certain Latin American markets to treat chronic heart failure, Vasogen said.
Vasogen shares rose 39 cents, or 10.7 percent, to $4.04 in morning trading on the Nasdaq Stock Market. Earlier, shares hit a new 52-week high of $4.47. The stock has traded between $3.02 and $3.85 over the past year.
Shares plummeted from the $20 range to the $5 range last June after a clinical trial showed that Celacade only helped a subgroup of patients studied.
Vasogen will receive 45 percent of Ferrer's Celacade revenue over the first five years and 42 percent thereafter, along with payments based on sales milestones. Ferrer will pay for marketing and launch costs.
More than 6 million people in Europe suffer from chronic heart failure.
"Given Grupo Ferrer's proven ability to successfully introduce new healthcare technologies into the large markets of Europe and Latin America, we are extremely excited about this partnership and look forward to the initial commercialization of Celacade later this year," Terry Gregg, Vasogen chairman, president and chief executive, said in a statement.
Last year, Vasogen released data showing that Celacade significantly lowered the risk of death and hospitalization from a heart attack in patients whose heart disease limits their activity severely or confines them to a bed or chair.
Celacade produces an anti-inflammatory response from the immune system by using a patient's own cells to deliver destructive oxidated molecules.
surf's up......crikey
