Biotech company receives additional funds
Tengion Inc. of East Norriton said today it received $21 million from a private sale of stock to existing institutional shareholders and one new institution.
Tengion Inc. of East Norriton said today it received $21 million from a private sale of stock to existing institutional shareholders and one new institution.
The new investor is Safeguard Scientifics Inc., of Wayne, which funds life sciences and technology companies. Other participants include Bain Capital LLC, Quaker BioVentures and Johnson & Johnson Development Corp.
As a result of receiving the new funds, the company said, it restructured part of its venture capital debt, which will contribute positively to cash use in 2009. Tengion now has raised $143 million in venture capital.
It is a clinical stage regenerative medicine company, focused on developing organs and tissues.