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Tengion Provides Business Update and Reports Third Quarter 2012 Financial Results
Date:11/13/2012

sitive data demonstrating slowing of kidney disease progression and improved survival. The Company is continuing to make progress on defining a plan, including milestones and source of funding, to conduct a clinical trial for the Neo-Kidney Augment in patients with CKD in Sweden.

In November 2012, Tengion announced that the USPTO issued a Notice of Allowance for U.S. Patent Application No. 12/617,721, titled "Isolated Renal Cells and Uses Thereof."  The application includes claims intended to protect important aspects of renal regeneration for the Neo-Kidney Augment.

Tengion expects to submit an IND filing for the Neo-Kidney Augment to the FDA during the first half of 2013 and anticipates that its Phase 1 trial will provide initial human proof-of-concept data in 2014.

Corporate UpdateIn October 2012, Tengion announced the closing of its private placement of $15.0 million aggregate principal amount of Senior Secured Convertible Notes. In addition, the Company granted the initial purchasers an option to purchase up to an additional $20 million aggregate principal amount of the Notes. Tengion intends to use the net proceeds of this transaction primarily to fund research and development activities for its two lead programs, the Neo-Urinary Conduit and the Neo-Kidney Augment. The $15.0 million principal amount included the exchange of the $1.0 million of debt issued in the Company's bridge financing announced in September 2012.

Third Quarter 2012 Financial ResultsFor the nine months ended September 30, 2012, the Company reported an adjusted net loss of $13.1 million, or $5.52 per basic and diluted common share, compared to an adjusted net loss of $18.2 million, or $8.70 per basic and diluted common share, for the same period in 2011. The decreased adjusted net loss for the 2012 period was primarily due to a reduction in compensation and related expenses of $3.1 million and a decrease in depreciation expense of $2.4 million.

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