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|Tengion Inc. Completes $39 Million Series "A" Round Financing Will Advance Development of Regenerative Medicine Products|
KING OF PRUSSIA, PA - Tengion, Inc., a leader in the field of regenerative medicine, announced that the company recently completed a $39 million Series A financing. The company is actively working with Food and Drug Administration to advance the development of its lead products, which are organs and tissues derived from a patient's own cells that can be used to replace the patient's diseased or impaired organ or tissue.
"Based on more than 15 years of research and an extensive intellectual property foundation licensed from the Children's Hospital Boston, the pediatric teaching hospital of the Harvard Medical School and the Massachusetts Institute of Technology, Tengion is now well positioned to advance its science into the clinic," said Steven Nichtberger, MD, President and Chief Executive Officer of Tengion. "We are honored to have a top tier group of investors who share our vision and dedication to bringing this transformational technology to patients."
Among the A round investors are: Oak Investment Partners; Johnson & Johnson Development Corporation (NYSE:JNJ); HealthCap, and L Capital Partners. Tengion was founded by Scheer & Company which was responsible for managing the Company's operations in the first stage of its life cycle. Scheer & Company is best known as the founder of Esperion Therapeutics, Inc., now a division of Pfizer, Inc (NYSE: PFE)
"The successful completion of this Series A financing will enable the company to advance the work of Dr. Anthony Atala, scientific founder of Tengion and a pioneer in the field of regenerative medicine, into the clinic," said David Scheer, Chairman of the Tengion Board of Directors. "The Board and the Management Team share a vision to deliver this transformational technology to patients with compelling medical needs. This financing milestone brings us closer to achieving that goal."
Joining Mr. Scheer on the Tengion Board of Directors are: Anthony Atala, MD, professor, chair, and director of the Wake Forest Institute of Regenerative Medicine; Steven Nichtberger, MD, President and C.E.O., Tengion; Carl Johan Dalsgaard MD, Partner, HealthCap Venture Capital; Ann Huntress Lamont, General Partner, Oak Investment Partners; Ginger More, Independent Director; and Brad H. Vale, PhD, DVM, Vice-President, Johnson & Johnson Development Corporation.
About Oak Investment Partners
About Johnson & Johnson Development Corporation
About L Capital Partners