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

advancing our pipeline will enable us to continue to build value in these programs, while also structuring the Company to conserve cash as we continue to pursue strategic partnership and financing discussions.  A reduction in force is never an easy decision to make, especially as we have such an excellent team here at Tengion.  We want to express our sincere appreciation and gratitude to Sunita Sheth and Mark Stejbach, who have contributed so much to Tengion, as well as to the other employees affected by this restructuring. We wish all of them well in their future endeavors."

The Company has offered severance benefits to the terminated employees, and anticipates recording a total charge for personnel-related termination costs of approximately $1.7 million, most of which is anticipated to be recorded in the fourth quarter of 2011.  The Company expects to complete payment of these severance benefits by September 2012.  In addition, as a result of the restructuring, the Company expects to record, during the fourth quarter of 2011, a non-cash property and equipment impairment charge, as well as a non-cash charge related to excess leased space in Pennsylvania.  The Company is unable to estimate the amount of these charges at this time.

Neo-Urinary Conduit™ Bladder Cancer Trial - Clinical UpdateTengion is currently conducting an initial clinical trial of its lead product candidate, the Neo-Urinary Conduit, for use in bladder cancer patients requiring a urinary diversion following bladder removal (cystectomy). The Neo-Urinary Conduit is a combination of a patient's own cells and bioabsorbable scaffold that is intended to catalyze regeneration of a native bladder tissue conduit, passively transporting urine from the ureters through a stoma, or hole in the abdomen, into a standard ostomy bag. Patients requiring some form of urinary diversion with today's standard of care, the use of a segment of bowel tissue to construct a cond
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SOURCE Tengion, Inc.
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Related medicine technology :

1. Tengion Appoints Scott Flora to Board of Directors
2. Tengion Appoints Diane Jorkasky, M.D., to its Board of Directors
3. Tengion Provides Update on Neo-Urinary Conduit Clinical Trial
4. Tengion Announces FDA Orphan-Drug Designation for Neo-Urinary Conduit
5. Tengion Presents New Data in Nine Posters and Two Oral Presentations at TERMIS North America Annual Meeting
6. Tengion Advances Clinical Trial for Neo-Urinary Conduit™ in Bladder Cancer Patients
7. Tengion Provides Business Update and Reports Third Quarter 2010 Financial Results
8. Tengion Reviews Pipeline Progress at First Analyst and Investor Meeting; Strategic & Clinical Updates Provided for Regenerative Medicine Programs
9. Tengion Announces First Implantation of Neo-Urinary Conduit™ in Initial Clinical Trial in Patients with Bladder Cancer
10. Tengion Presents New Data Demonstrating Functional Regeneration in a Diabetic Chronic Kidney Failure Model at the International Society for Cellular Therapy
11. Tengion Appoints Sunita B. Sheth, M.D., Chief Medical Officer
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