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Tengion Reports Fourth Quarter and Full Year 2011 Financial Results
Date:3/26/2012

illion primarily due to increased preclinical study costs associated with the Company's Neo-Kidney Augment program.  The adjusted net loss per basic and diluted common share for the year ended December 31, 2011 was significantly affected by the issuance of common stock in connection with equity financings completed in April 2010 and March 2011.

For the quarter ended December 31, 2011, the Company reported an adjusted net loss of $6.2 million, or $0.26 per basic and diluted common share, compared with an adjusted net loss of $5.9 million, or $0.48 per basic and diluted common share, for the same period in 2010.  

The increased adjusted net loss for the 2011 period was primarily due to an increase in research and development expense of $1.0 million related to preclinical studies associated with the Company's Neo-Kidney Augment program.  In addition, general and administrative expense also increased $0.3 million primarily due to a restructuring charge.  These increases were offset in part by a decrease in depreciation expense of $1.0 million related to a change in the estimated useful life of leasehold improvements at the Company's leased facility in Winston-Salem, North Carolina and the impairment of the property and equipment at the Company's leased facility in East Norriton, Pennsylvania.  The adjusted net loss per basic and diluted common share for the fourth quarter ended December 31, 2011 was significantly affected by the issuance of common stock in connection with the equity financing completed in March 2011.

As of December 31, 2011, the Company held $15.3 million in cash, cash equivalents, and short-term investments.  Based upon the Company's currently expected level of operating expenditures and debt repayments, the Company expects to be able to fund its operations to September 2012.

Recent Clinical AdvancementsIn a separate release issued today, the Company reported that it has made significant cli
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SOURCE Tengion, Inc.
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