BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Tengion Inc.: We're Almost Out of Cash, Could Shut Down as Early as September


8/15/2012 8:47:16 AM

The Business Journal by Matt Evans, Reporter

Tengion Inc. has only enough cash available to keep operating through the end of this month, the company said in its second-quarter earnings report.

The Winston-Salem-based biotech company is working to commercialize the groundbreaking regenerative medicine technologies developed in the labs of Dr. Anthony Atala at the Wake Forest Institute for Regenerative Medicine.

The company said it is "actively exploring opportunities to continue its business operations as currently conducted and fund deficits in operating cash flows. If Tengion is unable to raise additional capital, it will need to suspend its business operations and will likely need to seek protection under U.S. bankruptcy laws."

Tengion (NASDAQ: TNGN) had a net loss of $3.3 million in the second quarter and $8.2 million for the first six months of 2012, compared to a net loss of $4.1 million in the first half of 2011. The company said it had reduced compensation-related expenses by $2.5 million compared to the first half of 2011 by cuts to both administrative and research personnel. Tengion cut 30 jobs in November and then consolidated its headquarters in Winston-Salem at the beginning of the year.

CEO John Miclot said Tengion is continuing to move ahead with its scientific development including its Neo-Urinary Conduit program for bladder cancer treatment and Neo-Kidney Augment program to prevent or delay the need for dialysis or kidney transplants. Miclot said both are making the progress that is expected.




   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES