Vasogen Inc.

Contact:
Glenn Neumann, Investor Relations
2505 Meadowvale Blvd.
Mississauga, ON, Canada L5N 5S2
tel: (905) 817-2004  fax: (905) 569-9231
www.vasogen.com / investor@vasogen.com

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FOR IMMEDIATE RELEASE

                       Vasogen Files Prospectus Supplement

Mississauga, Ontario (February 21, 2007) -- Vasogen Inc. (NASDAQ:VSGN; TSX:VAS),
today announced that it has filed a prospectus supplement with the Ontario
Securities Commission and the U.S. Securities and Exchange Commission (SEC) to
increase by 10 million the number of common shares that may be sold by certain
selling shareholders in connection with the senior convertible notes issued in
October 2005 by Vasogen Ireland Limited (VIL), a wholly-owned subsidiary of
Vasogen Inc. As of February 20, 2007, the outstanding principal amount owing
under the notes was US$2.8 million. VIL may continue to repay the outstanding
principal on a monthly basis over the remaining term of the notes in any
combination of cash or common shares at its sole discretion, provided certain
conditions are met. Based on such regular monthly instalments, the outstanding
principal amount of the notes will be completely repaid with the final
instalment for April 1, 2007. Given VIL's right to pay in cash and the potential
fluctuation of the Company's share price, the number of shares actually issued
may be significantly different from the number covered by the prospectus
supplement.

About Vasogen:
Vasogen is a biotechnology company engaged in the research and development of
therapies that target the damaging inflammation associated with cardiovascular
and neurodegenerative disorders. The Company's lead product, the Celacade(TM)
technology, is designed to trigger the immune response to apoptosis -- an
important physiological process that regulates inflammation. Celacade(TM) is in
late-stage development for the treatment of chronic heart failure. The Company
is also developing VP025, an early-stage new drug candidate for the treatment of
certain neurodegenerative diseases.

Certain statements contained in this press release or elsewhere in our public
documents 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, summary statements relating to
results of the ACCLAIM trial in patients with chronic heart failure, plans to
advance the development of Celacade(TM), plans to fund our current activities,
statements concerning our partnering activities and health regulatory
submissions, strategy, future operations, future financial position, future
revenues, projected costs, prospects, plans and objectives of management. 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, including
assumptions about the nature, size and accessibility of the market for Celacade
in the treatment of chronic heart failure, particularly in Europe, the
regulatory approval process leading to commercialization and the availability of
capital on acceptable terms to pursue the development of Celacade, and the
feasibility of additional trials. 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 in the forward-looking statements. These
risks include, but are not limited to, the outcome of further analysis of the
ACCLAIM trial results, the requirement or election to conduct additional
clinical trials, delays or setbacks in the regulatory approval process, securing
and maintaining corporate alliances, the need for additional capital and the
effect of capital market conditions and other factors on capital availability,
the potential dilutive effects of any financing, risks associated with the
outcome of our research and development programs, the adequacy, timing and
results of our clinical trials, competition, market acceptance of our products,
the availability of government and insurance reimbursements for our products,
the strength of intellectual property, reliance on subcontractors and key
personnel, losses due to fluctuations in the U.S.-Canadian exchange rate, 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, 2006, as
well as in our later public filings. 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. Unless otherwise indicated, numerical values indicating the
statistical significance ("p-values") of results included in this document are
based on analyses that do not account for endpoint multiplicity.

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