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 Raises US$20.3 Million Through Sale of
                           Common Shares and Warrants

Mississauga, Ontario (November 9, 2006) -- Vasogen Inc. (NASDAQ:VSGN; TSX:VAS)
today announced that it has entered into a definitive purchase agreement to
raise US$20.3 million in gross proceeds through the sale of its common shares
and warrants to institutional investors. Pursuant to the terms of the purchase
agreement, the Company has agreed to sell a total of 43.2 million units at
US$0.47 per unit, each unit consisting of one common share, 0.4 of a five-year
warrant to purchase a common share at US$0.63 per share and 0.1 of a six-month
warrant to purchase a common share at US$0.53 per share. One full warrant is
required to purchase one share. If all of the 21.6 million warrants are
exercised, the Company will receive an additional US$13.2 million in gross
proceeds. The offering is expected to close on or about November 10, 2006,
subject to customary closing conditions.

The Company estimates net proceeds from the financing to be approximately
US$18.8 million after deducting placement agent fees and the estimated costs
associated with the offering. The Company plans to use the net proceeds of this
financing for working capital purposes, including but not limited to funding the
continued development of its Celacade(TM) technology and the continued
development of the drug, VP025.

Among the investors in the transaction are Federated Kaufman Fund and RA
Capital.

Rodman & Renshaw, LLC acted as the sole placement agent in connection with this
transaction. The placement agent will receive 2,560,000 three-year warrants to
purchase common shares at US$0.63 per share.

This press release does not and shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities, nor shall there be any
sale of the securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction. This offering is
being made by means of a prospectus supplement to a prospectus that is part of
the Company's shelf registration statement previously filed with and declared
effective by the Securities and Exchange Commission.

Copies of the prospectus and the prospectus supplement relating to the offering
may be obtained from the offices of Rodman & Renshaw, LLC, 1270 Avenue of the
Americas, New York, NY 10020.

About Vasogen:

Vasogen is focused on the research and commercial development of technologies
targeting the chronic inflammation underlying cardiovascular and neurological
disease. Vasogen's Celacade(TM) technology is in late-stage development for the
treatment of chronic heart failure. The recently completed phase III ACCLAIM
trial assessed the impact of Celacade on reducing the risk of mortality and
morbidity in

                                     -more-

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                                                     ...page 2, November 9, 2006

patients with Class II-IV systolic heart failure. Vasogen is also developing a
new class of drugs for the treatment of neuro-inflammatory and neuro-vascular
disorders. VP025, which is entering phase II clinical development, is the lead
product candidate from this new class of drugs.

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. 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), 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. A number
of  assumptions  were  made by us 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. 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,  including the convertible  notes we issued in October
2005,  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 40-F for the year
ended  November  30,  2005,  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.