By Lisa Kerner
Charlotte, N.C., June 26 - Tengion Inc. said it completed a $50 million round of series B equity financing
Proceeds will be used to fund human clinical trials with its autologous neo-bladder construct for the treatment of neurogenic bladder associated with spina bifida and spinal cord injuries. The funds will also be used to develop the company's manufacturing facility in Pennsylvania and advance Tengion's product pipeline.
The financing was led by Bain Capital LLC and Quaker BioVentures, with participation from previous venture investors, Oak Investment Partners, Johnson and Johnson Development Corp., HealthCap, and L Capital Partners.
Brenda Gavin, managing partner of Quaker BioVentures, and James Nahirny, managing director of Bain Capital Ventures, will join the Tengion board of directors.
Located in King of Prussia, Pa., Tengion develops autologous neo-organs and tissues, such as bladders, that are derived from the patient's own (autologous) cells.
| Issuer: | Tengion Inc.
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| Issue: | Series B financing
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| Amount: | $50 million
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| Announcement date: | June 26
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| Investors: | Bain Capital LLC; Quaker BioVentures (joint leads); Oak Investment Partners; Johnson and Johnson Development Corp.; HealthCap; L Capital Partners
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