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Tengion raises $74M for organ programs

Wed, 08/07/2013 - 4:04pm
Mass Device

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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