CORRECTED - CORRECTED-UPDATE 1-Vascular Solutions posts in line Q1 EPS; sees

(Corrects headline, bullet points and paragraph 1 to show that company's first-quarter earnings per share was in line with market expectations, and not below consensus. Also changes estimate comparisons for second-quarter and full-year outlook.)

* Q1 EPS $0.06 in line with est

* Revenue $15.8 mln vs est $16.5 mln

* Sees Q2 EPS $0.07-$0.09 vs est $0.08

* Sees 2009 EPS $0.30-$0.34 vs est $0.35

April 16 (Reuters) - Medical device maker Vascular Solutions Inc (VASC.O) posted a first-quarter profit that met analysts' expectations, but forecast 2009 earnings below market estimates, citing the suspension of the development of a product by its partner.

The company said its partner King Pharmaceuticals Inc (KG.N) decided to suspend the clinical development of Vascular's Thrombi-Paste product due to economic reasons.

First-quarter net income was $938,000, or 6 cents per share, compared with $235,000, or 1 cent per share, a year ago.

Shares of the company closed at $6.60 Thursday on Nasdaq.

For the alerts, please double click [ID:nWNAB4244] (Reporting by Esha Dey in Bangalore; Editing by Anne Pallivathuckal)