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

al models have been conducted for a sufficiently long period of time to demonstrate durability and an impact on survival.

Building on these results, Tengion is completing the analysis of these studies, and focusing its efforts on completing preclinical work on product formulation and delivery.  The Company expects to submit a pre-IND filing to the FDA during the first half of 2012 and is actively seeking collaboration partners for this program.

Financial Update  

For the nine months ended September 30, 2011, the Company reported an adjusted net loss of $18.2 million, or $0.87 per basic and diluted common share, compared with an adjusted net loss of $19.7 million, or $2.42 per basic and diluted common share, for the same period in 2010.  The decreased adjusted net loss for the 2011 period was primarily due to a decrease in interest expense of $1.0 million due to lower average debt facility balances outstanding in 2011 and a decrease in depreciation expense of $0.5 million due a change in the estimated useful life of our leasehold improvements associated with our laboratory space in Winston-Salem, North Carolina.  In May 2011, the Company exercised a five-year renewal option under its lease for the laboratory space.  The amended lease extends the lease term to October 2016.  The adjusted net loss per basic and diluted common share for the nine months ended September 30, 2011 was significantly affected by the issuance of common stock in connection with equity financings completed in April 2010 and March 2011.

For the third quarter ended September 30, 2011, the Company reported an adjusted net loss of $5.1 million, or $0.21 per basic and diluted common share, compared with an adjusted net loss of $6.7 million, or $0.54 per basic and diluted common share, for the same period in 2010.  The decreased adjusted net loss for the 2011 period was primarily due to a decrease in research and development expen
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