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Wednesday, November 19, 2008
Tengion raises $21M from multiple VCs to rebuild human organs

Tengion, an East Norriton-based company that makes medical organ-regeneration systems at its Winston-Salem, North Carolina, factory, says it's raised $21 million from locally-based Safeguard Scientifics Inc. and Quaker BioVentures, and from Bain Capital LLC, Johnson & Johnson Development Corp., Deerfield Partners, Health Cap, L Capital Partners, and Oak Investment Partners.

"There wasn't really a lead investor," said Tengion chief financial officer Gary Sender. "We're really glad to add Safeguard Scientifics to our private investors." Tengion has raised $140 million since 2004. Will it keep raising money, go public, or - like most biotechs lately - sell to a big company once its products get commercial? "We are open to all avenues to fund the company," said Sender. "Management's objective is to keep developing the technology and bring it to patients."

The new money will mostly pay for Phase 3 clinical trials for Tengion's Neo-Bladder Augment, which, Tengion says, uses "the body's own regenerative cells" to re-grow damaged human bladders.

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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column, which is printed in the business pages of The Philadelphia Inquirer every Sunday, Tuesday, Wednesday, Thursday and Friday. Joe has worked at the Inquirer, mostly, since 1988. He has also written for Bloomberg and Gannett, authored the book Comcasted, majored in economics at Penn, and fathered six children. Reach Joe at 215-854-5194 and JoeD@phillynews.com

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