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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