Barb
10-19-2007, 02:43 PM
Tengion Inc. closed its third round of venture capital financing Monday, raising $33 million from a group of new and existing investors.
The East Norriton, Pa., company, which specializes in the field of regenerative medicine, plans to use part of the proceeds from the deal to advance the late-stage clinical development of its Tengion Neo-Bladder Augment.
Tengion's research is focused on developing regenerated organs and tissues derived from a patient's own cells that can be used to replace a patient's diseased or impaired organ or tissue.
The neo-bladder is being tested in pediatric patients with neurogenic bladder caused by spina bifida and in adult patients with spinal cord injury.
Tengion also plans to use the funds to accelerate its research into the development of other autologous organs and tissues in the genitourinary (genital and urinary organs) and cardiovascular systems.
Dr. Steven Nichtberger, president and CEO of Tengion, said the programs in the company's pipeline include neo-vessels and neo-kidneys.
In addition to new investor Deerfield Partners, participants in the round included current institutional investors: Bain Capital LLC, Johnson & Johnson Development Corp., HealthCap, Quaker BioVentures, Oak Investment Partners and L Capital Partners.
The round also included equity investments from the company's lenders Horizon Technology Finance LLC and Oxford Finance Corp.
Link to article (http://www.bizjournals.com/philadelphia/stories/2007/10/15/daily3.html?b=1192420800^1535096)
The East Norriton, Pa., company, which specializes in the field of regenerative medicine, plans to use part of the proceeds from the deal to advance the late-stage clinical development of its Tengion Neo-Bladder Augment.
Tengion's research is focused on developing regenerated organs and tissues derived from a patient's own cells that can be used to replace a patient's diseased or impaired organ or tissue.
The neo-bladder is being tested in pediatric patients with neurogenic bladder caused by spina bifida and in adult patients with spinal cord injury.
Tengion also plans to use the funds to accelerate its research into the development of other autologous organs and tissues in the genitourinary (genital and urinary organs) and cardiovascular systems.
Dr. Steven Nichtberger, president and CEO of Tengion, said the programs in the company's pipeline include neo-vessels and neo-kidneys.
In addition to new investor Deerfield Partners, participants in the round included current institutional investors: Bain Capital LLC, Johnson & Johnson Development Corp., HealthCap, Quaker BioVentures, Oak Investment Partners and L Capital Partners.
The round also included equity investments from the company's lenders Horizon Technology Finance LLC and Oxford Finance Corp.
Link to article (http://www.bizjournals.com/philadelphia/stories/2007/10/15/daily3.html?b=1192420800^1535096)