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

decreased compensation-related expenses during the 2012 period, of which $1.6 million were attributable to research and development personnel and $1.5 million were attributable to general and administrative personnel, were primarily due to lower headcount resulting from the Company's November 2011 restructuring. The decreased depreciation expense during the 2012 period resulted from both a change during the second quarter of 2011 in the estimated useful life of leasehold improvements at the Company's leased facility in Winston-Salem, North Carolina and an impairment during the fourth quarter of 2011 of the carrying value of the Company's leased facility in East Norriton, Pennsylvania.

For the third quarter ended September 30, 2012, the Company reported an adjusted net loss of $4.2 million, or $1.72 per basic and diluted common share, compared with an adjusted net loss of $5.1 million, or $2.17 per basic 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 $0.5 million and a decrease in depreciation expense of $0.6 million. Those reductions in expense were offset in part by an increase of $0.3 million in interest expense related to the bridge financing announced in September 2012.

As of September 30, 2012, the Company held $1.4 million in cash and cash equivalents, which did not include proceeds from the Company's $15.0 million financing in October 2012.

Conference Call and WebcastJohn L. Miclot, President and Chief Executive Officer, Dr. Tim Bertram, Chief Scientific Officer and President of Research and Development, and A. Brian Davis, Chief Financial Officer and Vice President of Finance, will host a conference call today, November 13, 2012, at 8:30 a.m. EST to provide a business update and discuss the Company's third quarter 2012 financial results.

To participate in the call, please dial 866-800-8651 (domestic) or 617-6
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SOURCE Tengion, Inc.
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