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Tengion Announces Pricing of $31.4 Million Private Placement
Date:3/1/2011

EAST NORRITON, Pa., March 1, 2011 /PRNewswire/ -- Tengion, Inc. (Nasdaq: TNGN), a leader in regenerative medicine, today announced that it has entered into definitive agreements with certain investors in connection with a PIPE financing transaction pursuant to registration exemptions under the Securities Act of 1933, as amended.  Medtronic (NYSE: MDT), a global leader in medical technology, participated in the financing and, as part of its investment, secured a right of first refusal on Tengion's lead preclinical program, the Neo-Kidney Augment™, through October 31, 2013. Upon the closing of the transaction, Tengion will receive gross proceeds of $31.4 million in exchange for the issuance to such investors of 11,079,250 shares of Tengion common stock and warrants to purchase 10,460,875 shares of Tengion common stock. The warrants will be exercisable for a period of five years from the date of their issuance at an exercise price of $2.88 per share. The closing of the transaction, which is subject to customary closing conditions, is scheduled to occur on or prior to March 4, 2011. Tengion intends to use the net proceeds of the transaction to fund research and development activities primarily related to the Company's Neo-Urinary Conduit and Neo-Kidney Augment Programs, for repayment of debt, and for working capital and other general corporate purposes.

Piper Jaffray & Co. served as the sole lead placement agent and Leerink Swann LLC served as co-placement agent for the transaction.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the secu
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