Tengion prices upsized IPO at $5.00, below the range

Tengion, which is developing functional neo-organs using a patient's own cells, raised $30 million by offering 6 million shares at $5. The East Norriton, PA-based biotech had originally planned to raise $40 million by offering 4.4 million shares at a range of $8-$10. Tengion plans to list on the NASDAQ under the symbol TNGN. Piper Jaffray and Leerink Swann acted as lead managers on the deal, which is the fourth biotech to go public year-to-date.