EAST NORRITON, Pa., April 14 /PRNewswire-FirstCall/ -- Tengion, Inc. , a regenerative medicine company focused on discovering, developing, manufacturing and commercializing neo-organs and neo-tissues, today announced the completion of its initial public offering of 6,000,000 shares of common stock at a price of $5.00 per share. The net proceeds of the offering to Tengion, after deducting underwriting discounts and commissions and estimated offering expenses payable by Tengion, were approximately $26.0 million. In addition, Tengion has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares to cover over-allotments, if any. The joint book-running managers of the offering are Piper Jaffray & Co. and Leerink Swann LLC.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Tengion, a clinical-stage biotechnology company, has pioneered the Organ Regeneration Platform that catalyzes the body's innate ability to regenerate. Tengion's neo-organs and neo-tissues in development, such as bladders and vessels, combine bioabsorbable materials and a patient's own (autologous) cells to regenerate diseased and failing organs and tissues. Tengion's product candidates have the potential to treat organ and tissue failure without donor transplants or the side effects of related therapies. Tengion commenced a Phase I clinical trial in March 2010 for its lead product candidate, the Neo-Urinary Conduit, an autologous implant that catalyzes regeneration of native-like bladder issue for bladder cancer patients requiring a urinary diversion following bladder removal. Tengion has also applied its technology in two Phase II clinical trials for its Neo-Bladder Augment for the treatment of neurogenic bladder. Tengion has worldwide rights to its product candidates.
This press release contains forward-looking statements. Forward-looking statements relate to future events. These statements are only predictions. The outcome of the events described in these forward-looking statements is subject to risks and uncertainties. The events and circumstances reflected in the forward-looking statements may not be achieved or occur and the timing of events and circumstances and actual results could differ materially from those projected in the forward looking statements.