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

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FOR IMMEDIATE RELEASE

                  Vasogen to Transfer to NASDAQ Capital Market

Toronto, Ontario (February 7, 2007) -- Vasogen Inc. (NASDAQ:VSGN; TSX:VAS) today
announced that it has received approval to transfer the listing of its common
shares to the NASDAQ Capital Market. The Company's common shares will be
transferred from The NASDAQ Global Market to The NASDAQ Capital Market at the
opening of business on February 9, 2007.

In accordance with Marketplace Rule 4310(c)(8)(D), Vasogen will now be provided
an additional 180 calendar day compliance period, or until August 3, 2007, to
regain compliance with the NASDAQ Minimum Bid Price Rule. If, at anytime before
August 3, 2007, the bid price of the Company's common shares closes at $1.00 per
share or more for a minimum of ten consecutive business days, NASDAQ will
provide written notification that it complies with the Rule.

Vasogen's trading symbol on The NASDAQ Capital Market will remain `VSGN'.

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
disorders.VP025 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  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.