12/24/09

Tengion, which discovers, develops, manufactures and commercializes a range of replacement organs and tissues, or neo-organs and neo-tissues, filed on Thursday with the SEC to raise up to $40 million in an initial public offering. The filing was the third health care-related deal this week, following Surgivision (SRGV) and Rules-Based Medicine (RULE). The East Norriton, PA-based company, which was founded in 2003 and has yet to generate revenue, plans to list on the NASDAQ under the symbol TNGN. Its product candidates focus on combining technology with the body's intrinsic capacity to regenerate tissue to address urologic, renal, gastrointestinal and vascular diseases; there are six candidates in the pipeline. Net proceeds from the deal will be used for research and development, repayment of debt and general corporate purposes. Piper Jaffray is the lead underwriter on the deal, for which pricing terms and timing were not disclosed.