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.
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.
Back in July the company said it planned to use the $33.6 million round to forward R&D work, including a pair of Phase I clinical trials for the Neo-Kidney Augment program in the U.S. and in Sweden, as well as complete enrollment in the Phase I trial for its Neo-Urinary Conduit program.
Tengion’s Neo-Urinary Conduit program was nearly put to a stop late last year when a pair of patient deaths spurred deeper investigation. The study continued enrollment after researchers determined that the deaths were unrelated to the device or the surgical procedure.
