Vasogen Inc.

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

--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE

                   Vasogen to Conduct Year-end Conference Call

Toronto, Ontario (January 23, 2007) -- Vasogen Inc. (NASDAQ:VSGN; TSX:VAS), a
biotechnology Company focused on the research and commercial development of
technologies targeting the chronic inflammation underlying cardiovascular and
neurological disease, will release its year-end results after the close of the
North American financial markets on Wednesday, January 31, 2007. A conference
call will follow at 4:30 p.m. Eastern Time, during which management will provide
a Company update and discuss year-end results. Participants are invited to
attend by connecting 10 minutes prior to the call to one of the following:

                --------------------------------------------------
                Audio Web Cast                www.vasogen.com
                --------------------------------------------------
                Direct Dial                   416-695-6130
                --------------------------------------------------
                Toll-free                     1-888-789-0150
                --------------------------------------------------

A re-broadcast of the conference call may be accessed by:

                --------------------------------------------------
                Audio Web Cast                www.vasogen.com
                --------------------------------------------------
                Direct Dial                   416-641-2130
                --------------------------------------------------
                Toll-free                     1-888-330-1923
                --------------------------------------------------
                Pin Code                      9115#
                --------------------------------------------------

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 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, the upcoming conference call
and webcast, 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. 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, 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 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.