Tengion raises $74M for organ programs

August 7, 2013 by Brad Perriello

Tengion Inc. raises $74.3 million to back its Neo-Kidney Augment and Neo-Urinary Conduit clinical programs.

Tengion raises $74M for organ programs

Tengion (NSDQ:TNGN) said it raised $74.3 million from 22 unnamed investors as it puts a pair of clinical programs through their paces.

The Winston-Salem, N.C.-based medical device company is developing the Neo-Kidney Augment and Neo-Urinary Conduit, human organs that are grown using a bioabsorbable scaffold and patients' own cells.

Last month Tengion shares soared after the company announced a $33.6 million round, including a $15 million contribution from Celgene Corp. (NSDQ:CELG) that came with the right of 1st refusal on Tengion's Neo-Kidney program.

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Tengion shares got another boost today after the company said it promoted CFO Brian Davis, adding senior vice president to his title. Neither Davis nor CEO John Miclot returned calls seeking comment on the most recent funding, revealed today in an SEC filing.

TNGN share prices reached 89¢, up 14.1%, before subsiding to 79¢ each as of about 3:40 p.m.