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Article: Financings Roundup Tengion Raises $21M for Neo-Bladder Trials.
- Article from:
- BIOWORLD Today
- Article date:
- November 20, 2008
- Author:
CopyrightCOPYRIGHT 2008 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Catherine Hollingsworth, Staff Writer
Tengion Inc. plans to fund clinical trials of its lead product Neo-Bladder using $21 million raised in a Series C financing round that was reopened to new and existing investors.
The round, which initially closed in 2007, completed a second closing that included new investor Safeguard Scientifics Inc.
Gary Sender, chief financial officer at Tengion, told BioWorld Today that the company now is positioned financially to advance Neo-Bladder "well into Phase III."
The product uses a bladder-shaped scaffold to grow new bladders using a patient's own (autologous) cells.
Once a large ...