Neo-organ co grabs $21m more in series C
This article was originally published in Clinica
Executive Summary
Regenerative medicine company Tengion has secured an additional $21m in the second tranche of a series C financing round, bringing the total amount of investment received to date (or in the series C?) $145m. The funding, which came from new investor Safeguard Scientifics and Tengion's existing shareholders, will be used to support clinical trials of Neo-Bladder Augment, the East Norriton, Pennsylvania-based company's most advanced pipeline product. The Neo-Bladder is based on Tengion's Autologous Organ Regeneration Platform technology that allows functioning neo-organs and neo-tissue to be regenerated using biocompatible materials and the patient's own cells. The product is currently being evaluated in phase II clinical trials for treating neurogenic bladder (when the nerves controlling bladder function does not work properly) in paediatric patients with spina bifida and adult patients with spinal cord injury. In conjunction with the financing, Dr Gary Kurtzman, vice-president and managing director of Safeguard's life sciences group, has joined Tengion's board of directors. Other investors in the company include Johnson & Johnson, Bain Capital, Deerfield Partners, Quaker BioVentures, Oak Investment Partners, HealthCap and L Capital Partners.
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