KING OF PRUSSIA, PA - Tengion, Inc., a leader in the field of regenerative medicine, announced that the company recently completed a $39 million Series A financing. The company is actively working with Food and Drug Administration to advance the development of its lead products, which are organs and tissues derived from a patient's own cells that can be used to replace the patient's diseased or impaired organ or tissue.
"Based on more than 15 years of research and an extensive intellectual property foundation licensed from the Children's Hospital Boston, the pediatric teaching hospital of the Harvard Medical School and the Massachusetts Institute of Technology, Tengion is now well positioned to advance its science into the clinic," said Steven Nichtberger, MD, President and Chief Executive Officer of Tengion. "We are honored to have a top tier group of investors who share our vision and dedication to bringing this transformational technology to patients."
Among the A round investors are: Oak Investment Partners; Johnson & Johnson Development Corporation (NYSE:JNJ); HealthCap, and L Capital Partners. Tengion was founded by Scheer & Company which was responsible for managing the Company's operations in the first stage of its life cycle. Scheer & Company is best known as the founder of Esperion Therapeutics, Inc., now a division of Pfizer, Inc (NYSE: PFE)
"The successful completion of this Series A financing will enable the company to advance the work of Dr. Anthony Atala, scientific founder of Tengion and a pioneer in the field of regenerative medicine, into the clinic," said David Scheer, Chairman of the Tengion Board of Directors. "The Board and the Management Team share a vision to deliver this transformational technology to patients with compelling medical needs. This financing milestone brings us closer to achieving that goal."
Joining Mr. Scheer on the Tengion Board of Directors are: Anthony Atala, MD, professor, chair, and director of the Wake Forest Institute of Regenerative Medicine; Steven Nichtberger, MD, President and C.E.O., Tengion; Carl Johan Dalsgaard MD, Partner, HealthCap Venture Capital; Ann Huntress Lamont, General Partner, Oak Investment Partners; Ginger More, Independent Director; and Brad H. Vale, PhD, DVM, Vice-President, Johnson & Johnson Development Corporation.
Tengion, Inc. is a leader in developing human tissues and organs, such as bladders, that are derived from the patient's own (autologous) cells. Tengion's proprietary approach to regenerative medicine has the potential to enable people with organ and tissue failure to lead healthier lives without donor transplants or the side effects of current therapies. Headquartered in King of Prussia, PA, Tengion also has research facilities located in Winston-Salem, NC. For more information, visit us online at: http://www.tengion.com.
About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm with a total of $5.8 billion in committed capital. Investments are primarily focused on growth opportunities in enterprise application and infrastructure software, Internet services, telecommunications equipment and services, data storage, financial services technology, outsourced services, healthcare services and retail. Over a 25-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 350 companies at key points in their lifecycle. Oak has been involved in the formation of companies, funded spinouts of operating divisions and technology assets, and provided growth equity to mid- and late-stage private businesses and to public companies through PIPE investments.
About Johnson & Johnson Development Corporation
Johnson & Johnson Development Corporation (JJDC) is the venture capital subsidiary of Johnson & Johnson. JJDC makes private equity investments in venture funded health care companies. Portfolio companies include those in the fields of pharmaceuticals, biotechnology, medical devices, diagnostics and consumer products.
About L Capital Partners
L Capital Partners SBIC, LP helps entrepreneurs grow their new ventures into scaleable and profitable businesses. The company provides financing and expertise to fast growing companies in the fields of healthcare, security and information technology. As a mid-size fund, with $165 million of capital under management, L Capital Partners both leads and makes follow-on investments in addition to serving as a strong member of syndicates.
HealthCap is a family of multi stage venture capital funds, investing internationally in life sciences, with the Odlander Fredrikson Group as their exclusive investments advisor. HealthCap is the largest specialized provider of venture capital within life sciences in the Nordic countries and one of the largest independent actors in the sector in Europe.