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Tengion Provides Business Update and Reports Third Quarter 2011 Financial Results
Date:11/14/2011

EAST NORRITON, Pa., Nov. 14, 2011 /PRNewswire/ -- Tengion, Inc. (Nasdaq: TNGN) today provided a business update, including announcement of a restructuring plan, and reported its financial results for the third quarter ended September 30, 2011.  The restructuring plan is designed to fund the Company's lead development programs through key milestones in 2012 while reducing the Company's anticipated cash utilization.  As a result of this restructuring, the Company expects to have sufficient cash to fund its planned operations through November 2012.  Key aspects of the restructuring and its effects on the Company's development programs are as follows:

  • Continue the Phase 1 clinical trial of the Neo-Urinary Conduit™, which is being evaluated in bladder cancer patients requiring a urinary diversion following bladder removal (cystectomy).  This trial is designed to assess the safety and preliminary efficacy of the Neo-Urinary Conduit in up to 10 patients, as well as to allow the clinical investigators to optimize the surgical procedure and post-surgical care by incorporating the outcomes observed in each patient into the surgical approach for subsequent patients, as necessary.  Three patients have been enrolled and implanted to date.  The Company anticipates implanting a fourth patient during the first quarter of 2012, and, assuming appropriate safety data, up to 10 patients by the end of 2012.
  • Continue preclinical development of the Neo-Kidney Augment program through submission of a Pre-IND filing to the U.S. Food and Drug Administration (FDA), which is anticipated during the first half of 2012.  Future development of the Neo-Kidney Augment program beyond submission of the Pre-IND filing will be dependent upon obtaining additional funding for the program.  
  • As part of this restructuring, Tim Bertram, D.V.M.
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  • SOURCE Tengion, Inc.
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