The Winston-Salem, N.C.-based medical device company posted losses of $11.9 million, or -$3.59 per share, representing a 260% swing deeper into red ink over the same quarter last year, when the company posted losses of $3.3 million, or -$1.40 per share.
During the 3 months ended June 30, Tengion pulled in $15 million in cash from Celgene and $18.6 million from other investors to support a clinical program for its human tissue generation products.
The development-stage company managed to cut its operating expenses from $4.4 million in Q2 of last year to $4.1 million this quarter.
Tengion is developing a pair of products, the Neo-Kidney Augment and Neo-Urinary Conduit, which are human organs grown using a bioabsorbable scaffolds and patients’ own cells.
Last week, Tengion said it raised another $74.3 million from 22 unnamed investors to support a pair of clinical programs for is technology.
TNGN share prices were flat today at 73¢ per share as of 3 p.m.