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Tengion Provides Business Update and Reports First Quarter 2011 Financial Results
Date:5/12/2011

er basic and diluted common share, for the same period in 2010.  The decreased adjusted net loss for the 2011 period was primarily due to lower interest expense of $0.4 million resulting from lower average debt balances and lower depreciation expense of $0.1 million due to an increased number of fully depreciated assets.  These decreases were offset in part by an increase of $0.4 million of general administrative expense, of which $0.3 million was due to professional fees associated with the potential acquisition of the Company and $0.1 million was due to increased compensation costs of $0.1 million.  The loss per basic and diluted common share for the three months ended March 31, 2011 was significantly affected by the issuance of common stock in connection with equity financings completed in April 2010 and March 2011.

As of March 31, 2011, the Company held $31.5 million in cash and cash equivalents.  In March 2011, the Company sold securities in a private placement transaction with registration rights pursuant to which the Company received net proceeds of approximately $28.9 million.  In addition, in March 2011, the Company refinanced the outstanding debt owed to one of its lenders.  Pursuant to the terms of the refinancing, the Company repaid the outstanding principal amount of $4.5 million and borrowed $4.9 million, net of issuance costs, from the lender.

Conference Call and WebcastSteven Nichtberger, M.D., President and Chief Executive Officer, and Brian Davis, Chief Financial Officer and Vice President of Finance, will host a conference call today, May 12, 2011 at 8:30 a.m. ET to provide a business update and discuss the Company's first quarter 2011 financial results.  Tim Bertram, D.V.M., Ph.D., Executive Vice President, Science & Technology and Chief Scientific Officer and Sunita Sheth, M.D., Chief Medical Officer and Vice President Clinical and Regulatory Affairs will also be available on the call
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