Tengion posts wider Q4 loss
Tengion, Inc. (TNGN), a clinical-stage regenerative medicine company, reported a fourth-quarter net loss of $14.0 million or $0.59 per share, wider than last year's net loss of $5.9 million or $0.48 per share.
Excluding items, adjusted net loss for the latest quarter was $6.2 million or $0.26 per share.
The company attributed the increase in the loss for the quarter mainly to an increase in research and development expense of $1.0 million related to preclinical studies associated with the company's Neo-Kidney Augment program.
This expense offset a $1.0 million decrease in depreciation expense related to a change in the estimated useful life of leasehold improvements at the Company's leased facility in Winston-Salem, North Carolina and the impairment of the property and equipment at the Company's leased facility in East Norriton, Pennsylvania.
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