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Regenerative medicine firm Tengion completes $29mm private financing

Executive Summary

Tengion Inc. (organ and tissue regeneration) netted $29mm by privately selling 11.1mm shares at $2.83 (a 13% discount). Investors also received five-year warrants to buy 10.5mm shares for $2.88. The placement agents were Piper Jaffray and Leerink Swann. Medtronic bought 2.5mm shares in the transaction, giving it 22.3% ownership in Tengion (Medtronic’s warrant, however, is exercisable for 25% less shares--1.9mm). The device company has also received a right of first refusal through October 31, 2013, on Tengion’s Neo-Kidney Augment, a cell augmentation candidate in preclinical studies that’s designed to prevent or delay dialysis or kidney replacement by regenerating kidney tissue. From November 1, 2013 to July 1, 2014, Medtronic has a right of first negotiation, with an option to convert that right into a right of first refusal. Tengion is planning to use the proceeds to develop Neo-Kidney Augment as well as Neo-Urinary Conduit (regeneration of native-like bladder tissue for bladder cancer); and to repay debt.
Deal Industry
  • Pharmaceuticals
  • Medical Devices
    • Implantable Devices
  • Biotechnology
    • Gene Therapy, Cell Therapy
Deal Status
  • Final
Deal Type
  • Financing
    • Private Investment in Public Equity
    • Private Placement

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