Tengion, Inc., in an amended Form S-1 filing with the regulatory, disclosed that it plans pricing its initial public offering of 4.44 million common shares in the range of $8 to $10 per share range. Tengion initially filed its plan to go public in December 2009.
Tengion is a regenerative medicine company focused on discovering, developing, manufacturing and commercializing a range of replacement organs and tissues, or neo-organs and neo-tissues.
The East Norriton, Pennsylvania-based company, which was founded in July 2003 as a Delaware corporation, said it expects its Nasdaq Global Market trading symbol to be "TNGN"
Tengion noted that certain of its existing stockholders have indicated an interest in purchasing up to an aggregate of approximately $15.0 million in shares of common stock in this offering.
The underwriters have a 30-day option to buy up to 666,667 additional shares of common stock from company to cover over-allotments, if any.
Tengion said it expects to use the offering net proceeds to fund Phase I clinical trial for its lead product candidate Neo-Urinary Conduit, to fund preclinical research and development activities for Neo-Kidney Augment, for maintaining research and manufacturing facilities, for the repayment of debt, for working capital and other general corporate purposes.
For the year ended December 31, 2009, Tengion's net loss attributable to common stockholders narrowed to $43.9 million from $54.15 million in 2008.
Oak Investment Partners XI, Limited Partnership, HealthCap Venture Capital, Johnson & Johnson Development Corporation, Brookside Capital Partners Fund, L.P., Bain Capital Venture Entities, Quaker BioVentures, and L Capital Partners SBIC, L.P.hold a notable stake in the company.
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