RegenMedTX, which acquired the assets of bankrupt organ regeneration technology company Tengion (NSDQ:TNGN) in March, said it raised more than $4 million from a syndicate of 27 unnamed investors.
Winston-Salem, N.C.-based RegenMedTX is led by former Tengion CSO Tim Bertram and CTO Deepak Jain, the Winston-Salem Journal reported. Tengion, which pulled the plug in December 2014 after seeking but failing to find a buyer, was acquired for $22 million after declaring Chapter 7 bankruptcy Dec. 29, 2014.
According to a regulatory filing yesterday with the SEC, RegenMedTX added $2.9 million to the $1.5 million it reported raising in January, taking the total raised to $4.4 million of a hoped-for $6.4 million.
Tengion was founded in 2003 by Dr. Anthony Atala, head of the Wake Forest Institute for Regenerative Medicine. It raised $40 million in a 2010 IPO and another $74 million in a sale of stock announced in August 2013.
Tengion’s technology is designed to regenerate a range of native-like organs and tissues to delay or eliminate the need for chronic disease therapies and organ transplantation. Its Neo-Kidney Augment was in Phase 1 clinical trials in Sweden and the U.S. as of September 2014, when it tapped Jefferies “to assist it with reviewing and structuring potential strategic transactions.”
