Exhibit 99.1

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

--------------------------------------------------------------------------------

FOR IMMEDIATE RELEASE

                  Vasogen Announces First Quarter 2006 Results


Mississauga, Ontario (April 17, 2006) -- Vasogen Inc. (NASDAQ:VSGN; TSX:VAS),
today reported the results of operations for the three months ended February 28,
2006. All dollar amounts referenced herein are in Canadian dollars unless
otherwise noted.

At February 28, 2006, our cash and cash equivalents, restricted cash, and
marketable securities held to maturity totaled $61.0 million, compared with
$85.2 million at November 30, 2005.

We incurred a net loss for the three months ended February 28, 2006, of $19.3
million, or $0.23 per common share, compared with a net loss of $19.9 million,
or $0.27 per common share for the similar period in 2005. The loss has decreased
as a result of a reduction in the costs associated with our phase III clinical
programs and has been partially offset by expenses associated with the senior
convertible notes. The difference between cash used in operations and our
accounting loss includes such non-cash items as stock option grant expense,
amortization expense, accretion and amortization of costs associated with the
senior convertible notes payable, offset by payment of accrued expenses related
to our phase III clinical trials.

For the three months ended February 28, 2006, research and development
expenditures decreased to $11.4 million from $16.8 million for the same period
in 2005. The majority of the decrease in our R&D expense for the three months
ended February 28, 2006, when compared with the same period in 2005, resulted
from a significant reduction in the clinical trial activities relating to our
phase III programs.

General and administrative expenditures were $4.9 million for the three months
ended February 28, 2006, compared to $5.4 million for the same period in 2005.

Highlights

   o  During the quarter, final patient assessments were completed in the
      2,400-patient multi-national pivotal phase III ACCLAIM trial of patients
      with advanced chronic heart failure. The ACCLAIM trial is designed to
      definitively assess the impact of our Celacade(TM) technology on


                                     -more-
<PAGE>

                                                       ...page 2, April 17, 2006


      reducing the risk of death and cardiovascular hospitalization in patients
      with advanced chronic heart failure. Based on our current timeline
      projections for completing the processes necessary to lock the ACCLAIM
      database, we expect to report the initial results from this trial in the
      first half of 2006.

   o  In March 2006, the results of the SIMPADICO trial were presented at a
      Late-Breaking Clinical Trial session of the 55th Annual Scientific Session
      of the American College of Cardiology in Atlanta. While the SIMPADICO
      study did not reach the primary endpoint of change in maximal treadmill
      walking distance, therapy using our Celacade technology significantly
      reduced high sensitivity C-reactive protein, a pre-specified endpoint and
      a widely recognized marker of systemic inflammation associated with
      increased cardiovascular risk, including heart failure, stroke, and heart
      attack. Therapy using our Celacade technology was also shown to
      significantly reduce the number of patients progressing to critical limb
      ischemia, a condition manifested by sharply diminished blood flow to the
      legs often resulting in the need for amputation. Exploratory analyses of
      the per-protocol population also showed improvements in certain
      quality-of-life measures and a statistically significant improvement in
      ankle-brachial index (measure of change in blood flow to the legs) at 26
      weeks in the Celacade group.

   o  On March 22, 2006, following our annual meeting of shareholders, Terrance
      H. Gregg succeeded William R. Grant as Chairman of our Board of Directors.
      Mr. Gregg, who joined Vasogen's Board of Directors in 1999, has been Vice
      Chairman since November 2005, and has served as the Chair of the
      Compensation, Nominating, and Corporate Governance Committee of the Board
      for the past several years. Mr. Gregg's extensive experience in the
      healthcare sector includes his role as President and Chief Operating
      Officer of MiniMed Inc., where he successfully transformed the company
      from a development-stage therapeutic device company into a global leader
      in diabetes management systems. In 2001, Medtronic acquired MiniMed for
      US$3.4 billion. William R. Grant, who has served as Vasogen's Chairman for
      the last five years, will remain a director on Vasogen's Board.

   o  We also announced the appointment of Ronald M. Cresswell, Ph.D., Hon. D.
      Sc., F.R.S.E., former Senior Vice President and Chief Scientific Officer
      of Warner-Lambert, and Calvin R. Stiller, C.M., O.ONT, M.D., F.R.C.P.(C.),
      co-founder and former Chairman and CEO of the Canadian Medical Discoveries
      Fund, to our Board of Directors during the quarter. Both Dr. Cresswell and
      Dr. Stiller have considerable experience directing the research,
      development, and business initiatives of companies commercializing
      products for the healthcare industry. Dr. Cresswell has over 30 years of
      research and commercial development experience in cardiovascular and other
      important therapeutic areas and his vision and leadership in the
      development of Lipitor(R) was instrumental in the product's ultimate
      success. Dr. Stiller was principal investigator of the Canadian
      multi-center study that established the importance of cyclosporine and led
      to its worldwide use as first-line therapy for transplant rejection.

As previously announced, a conference call and slide presentation will be
conducted on April 18, 2006, at 8:30 a.m. Eastern Time. The slide presentation
may be viewed at www.vasogen.com, and the conference call may be accessed by
calling 416-695-6622 or 1-800-769-8320, ten minutes prior to the call. An audio
webcast of the event will also be available at www.vasogen.com. A re-broadcast
of the conference call may be accessed by calling 1-800-293-5765, pin code 8019,
and will also be available at www.vasogen.com.

                                     -more-

<PAGE>

                                                       ...page 3, April 17, 2006



About Vasogen:
Vasogen is focused on the research and commercial development of technologies
targeting the chronic inflammation underlying cardiovascular and neurological
disease. The Company's lead product, the Celacade(TM) technology, is currently
in the final stages of the 2,400-patient international pivotal phase III ACCLAIM
trial in patients with advanced chronic heart failure. The 176-center ACCLAIM
study is designed to further investigate the use of the Celacade technology to
reduce the risk of death and hospitalization in heart failure patients and to
support regulatory approval in North America and commercialization in North
America and Europe. Vasogen is also developing a new class of drugs for the
treatment of neuro-inflammatory disorders. VP025, which has completed phase I
clinical development, is the lead product candidate from this new class of
drugs.

Certain statements  contained in this press release and upcoming conference call
constitute "forward-looking  statements" within the meaning of the United States
Private  Securities  Litigation  Reform Act of 1995. These  statements  include,
without  limitation,  statements  concerning  our 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.  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,  those  associated  with the  success of our  research  and
development programs,  the adequacy,  timing and results of our clinical trials,
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,   the  regulatory   approval  process,   competition,   securing  and
maintaining  corporate  alliances,   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.  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.  Numerical  values
indicating the statistical significance ("p-values") of results included in this
press   release  are  based  on  analyses  that  do  not  account  for  endpoint
multiplicity,  and therefore are for information only and are not intended to be
used for any future regulatory  submissions or in any future product labeling in
jurisdictions where such uses are prohibited.



The unaudited interim consolidated financial statements, accompanying notes to
the unaudited interim consolidated financial statements, and Management's
Discussion and Analysis for the three months ended February 28, 2006, are
accessible on Vasogen's Website at www.vasogen.com and will be available on
SEDAR and EDGAR. Summary financial tables are provided below.

<PAGE>

VASOGEN INC.
(A DEVELOPMENT STAGE COMPANY)

Interim Consolidated Balance Sheets
(In thousands of Canadian dollars)

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
                                                                             February 28,         November 30,
                                                                                     2006                 2005
---------------------------------------------------------------------------------------------------------------
<S>                                                                         <C>                  <C>
                                                                              (Unaudited)
Assets

Current assets:
     Cash and cash equivalents                                              $      41,993        $      50,521
     Marketable securities                                                          7,653               22,999
     Clinical supplies                                                              1,732                1,862
     Tax credits recoverable                                                        1,255                1,130
     Prepaid expenses and deposits                                                  1,269                1,623
     Accrued gain on forward exchange contracts                                         -                  703
---------------------------------------------------------------------------------------------------------------
                                                                                   53,902               78,838

Restricted cash                                                                    11,397               11,701
Property and equipment                                                              1,035                1,121
Acquired technology                                                                   443                  506
Deferred financing costs                                                            2,015                2,645

---------------------------------------------------------------------------------------------------------------
                                                                            $      68,792        $      94,811
---------------------------------------------------------------------------------------------------------------

Liabilities and Shareholders' Equity

Current liabilities:
     Accounts payable                                                       $       7,483        $       5,733
     Accrued liabilities                                                           12,361               20,554
     Current portion of senior convertible notes payable                           17,308               16,659
     Accrued loss on forward exchange contracts                                         -                  763
---------------------------------------------------------------------------------------------------------------
                                                                                   37,152               43,709

Senior convertible notes payable                                                   12,985               18,795

Shareholders' equity:
     Share capital:
         Authorized:
              Unlimited common shares, without par value Issued and outstanding:
              84,470,232 common shares
                (November 30, 2005 - 82,255,374)                                  299,982              295,007
     Stock options                                                                  9,204                8,466
     Equity component of senior convertible notes payable                           6,749                7,985
     Warrants                                                                       5,345                5,345
     Contributed surplus                                                            1,426                  223
     Deficit                                                                     (304,051)            (284,719)
----------------------------------------------------------------------------------------------------------------------
                                                                                   18,655               32,307

Contingent liability
Subsequent events

----------------------------------------------------------------------------------------------------------------------
                                                                            $      68,792        $      94,811
----------------------------------------------------------------------------------------------------------------------

</TABLE>

<PAGE>

VASOGEN INC.
(A DEVELOPMENT STAGE COMPANY)

Interim Consolidated Statements of Operations and Deficit (In thousands of
Canadian dollars, except per share amounts) (Unaudited)

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
                                                                                                   Period from
                                                                                                   December 1,
                                                                   Three months ended                  1987 to
                                                                       February 28,               February 28,
                                                                 2006                2005                 2006
----------------------------------------------------------------------------------------------------------------
<S>                                                    <C>                  <C>                  <C>

Expenses:
     Research and development                          $       11,384       $      16,816        $     207,333
     General and administration                                 4,892               5,398               90,813
     Foreign exchange loss (gain)                                   3              (1,892)               8,892
----------------------------------------------------------------------------------------------------------------

Loss before the undernoted                                    (16,279)            (20,322)            (307,038)

Interest expense on senior convertible
   notes payable                                                 (483)                  -                 (827)

Accretion in carrying value of senior
   convertible notes payable                                   (2,626)                  -               (4,368)

Amortization of deferred financing costs                         (630)                  -               (1,038)

Gain on debt extinguishment                                         7                   -                    7

Investment income                                                 679                 424               10,723
----------------------------------------------------------------------------------------------------------------

Loss for the period                                           (19,332)            (19,898)            (302,541)

Deficit, beginning of period:
     As originally reported                                  (284,719)           (187,665)              (1,510)
     Change in accounting for stock-based
       compensation                                                 -              (4,006)                   -
----------------------------------------------------------------------------------------------------------------
     As restated                                             (284,719)           (191,671)              (1,510)

----------------------------------------------------------------------------------------------------------------
Deficit, end of period                                 $     (304,051)      $    (211,569)       $    (304,051)
----------------------------------------------------------------------------------------------------------------

Basic and diluted loss per common
   share                                               $       (0.23)       $       (0.27)

----------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

VASOGEN INC.
(A DEVELOPMENT STAGE COMPANY)

Interim Consolidated Statements of Cash Flows
(In thousands of Canadian dollars)
(Unaudited)

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
                                                                                                   Period from
                                                                                                   December 1,
                                                                   Three months ended                  1987 to
                                                                       February 28,               February 28,
                                                                 2006                2005                 2006
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                  <C>                 <C>

Cash provided by (used in):

Operations:
     Loss for the period                                $     (19,332)       $    (19,898)       $    (302,541)
     Items not involving cash:
         Amortization                                             149                 138                5,024
         Accretion in carrying value of senior
           convertible notes payable                            2,626                   -                4,368
         Amortization of deferred financing costs                 630                   -                1,038
         Gain on debt extinguishment                               (7)                  -                   (7)
         Stock-based compensation                                 764                 535                9,271
         Services provided for common shares                        -                   -                2,449
         Foreign exchange loss (gain)                              30              (1,921)               9,072
         Other                                                      -                   -                  (35)
     Change in non-cash operating working capital              (6,144)              6,087               15,500
----------------------------------------------------------------------------------------------------------------
                                                              (21,284)            (15,059)            (255,861)

Financing:
     Shares issued for cash                                         -              52,502              285,907
     Warrants and options exercised for cash                        -                 412               24,610
     Share issue costs                                              -              (3,719)             (20,985)
     Issue (repayment) of convertible debt, net                (2,115)                  -               41,297
     Restricted cash                                              304                   -              (11,397)
     Payable to related parties                                     -                   -                 (234)
----------------------------------------------------------------------------------------------------------------
                                                               (1,811)             49,195              319,198

Investments:
     Increase in property and equipment                             -                (237)              (2,393)
     Increase in acquired technology                                -                   -               (1,283)
     Purchases of marketable securities                           (80)                  -             (244,846)
     Settlement of forward exchange contracts                    (259)                  -               (4,991)
     Maturities of marketable securities                       15,224              42,177              232,822
----------------------------------------------------------------------------------------------------------------
                                                               14,885              41,940              (20,691)

Foreign exchange (loss) gain on cash and
   cash equivalents held in foreign currency                     (318)                 46                 (653)
----------------------------------------------------------------------------------------------------------------

Increase (decrease) in cash and cash equivalents               (8,528)             76,122               41,993

Cash and cash equivalents, beginning of period                 50,521               5,336                    -

----------------------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period                $      41,993        $     81,458        $      41,993
----------------------------------------------------------------------------------------------------------------

</TABLE>