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Tengion soars on raising $34M in support of organ regeneration platform

Tue, 07/02/2013 - 1:20pm
Mass Device

Tengion Inc. raises $33.6 million from a pair of investors supporting its Neo-Kidney Augment and Neo-Urinary Conduit clinical programs.

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North Carolina regenerative medicine company Tengion (NSDQ:TNGN) raised $33.6 million in support of clinical studies of its leading programs, the Neo-Kidney Augment and Neo-Urinary Conduit programs. TNGN shares jumped 15.3% to 68¢ around 12:40 p.m. today, up from an opening price of 64¢.

Tengion touted a $15 million cash payment from Celgene Corp. in exchange for 1st negotiation rights for the Neo-Kidney program. The companies also entered into a collaboration agreement that grants Celgene an exclusive option to acquire assets that include technology related to Tengion's neo-esophageal implant.

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