WINSTON-SALEM, N.C., Jan. 5, 2012 /PRNewswire/ -- Tengion, Inc. (NASDAQ: TNGN), a leader in regenerative medicine, today announced it has completed the relocation of its corporate headquarters from East Norriton, Pennsylvania to the Company's existing facility in Winston-Salem, North Carolina. The relocation is part of the Company's previously announced restructuring, which was designed to fund the Company's lead development programs through key milestones in 2012 while reducing anticipated cash utilization. The Company will continue to maintain its Pennsylvania facility while it explores options to significantly reduce the net rental obligation for the facility.
"We are excited to move our corporate headquarters to Winston-Salem after having much of our research and development operations located here since 2004," said John L. Miclot, President and Chief Executive Officer. "This relocation allows us to focus our resources more efficiently on advancing our Neo-Urinary Conduit™ and Neo-Kidney Augment™ programs. The presence of a well-educated, high-quality workforce was also a factor in the decision to move our headquarters to Winston-Salem."
"We are delighted to welcome Tengion to our North Carolina family of life sciences companies," said Norris Tolson, President and CEO of the North Carolina Biotechnology Center. "We are really pleased to hear that this leader in regenerative medicine is making North Carolina its home."
Tengion is continuing to advance its ongoing Phase 1 clinical trial of the Neo-Urinary Conduit, which is being evaluated in bladder cancer patients requiring a urinary diversion following bladder removal (cystectomy). This trial is designed to assess the safety and preliminary efficacy of the Neo-Urinary Conduit in up to 10 patients, as well as to allow the clinical investigators to optimize the surgical procedure and post-surgical care by incorporating the outcomes observed in each patient into the surgical approach for subsequent patients, as necessary. Three patients have been enrolled and implanted to date at the University of Chicago and The Johns Hopkins Hospital. The Company anticipates implanting a fourth patient during the first quarter of this year, and, assuming appropriate safety data, up to 10 patients by the end of 2012.
Tengion is also continuing its preclinical development of the Neo-Kidney Augment™ program toward the submission of a Pre-IND filing to the U.S. Food and Drug Administration (FDA) during the first half of this year.
Tengion, a clinical-stage biotechnology company, has pioneered the Organ Regeneration Platform™ that enables the Company to create proprietary product candidates that are intended to harness the intrinsic regenerative pathways of the body to produce a range of native-like organs and tissues. Tengion's product candidates seek to eliminate the need to utilize other tissues of the body for a purpose to which they are poorly suited, procure donor organs or administer anti-rejection medications. An initial clinical trial is ongoing for the Company's lead product candidate, the Neo-Urinary Conduit™, an autologous implant that is intended to catalyze regeneration of native-like bladder tissue for bladder cancer patients requiring a urinary diversion following bladder removal. The Company's lead preclinical candidate is the Neo-Kidney Augment™, which is designed to delay or prevent the need for dialysis or transplantation in patients at risk for kidney failure. Tengion has also applied its technology in two Phase II clinical trials for Tengion's Neo-Bladder Augment™ for the treatment of neurogenic bladder. Tengion has worldwide rights to its product candidates.
Certain statements set forth above may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to the Company's: (i) plans to develop and commercialize its product candidates, including the Neo-Kidney Augment and the Neo-Urinary Conduit; and (ii) expectations regarding ongoing and planned preclinical studies and clinical trials. Although Tengion believes that these statements are based upon reasonable assumptions within the bounds of its knowledge of its business and operations, there are a number of factors that may cause actual results to differ from these statements. For instance there can be no assurance that: (i) the Company will be able to successfully enroll patients in its clinical trials, including its Phase I clinical trial for the Neo-Urinary Conduit; (ii) patients enrolled in the Company's clinical trials will not experience adverse events related to the Company's product candidates, which could delay clinical trials or cause the Company to terminate the development of a product candidate; (iii) the results of the clinical trial for the Neo-Urinary Conduit will support further development of that product candidate; (iv) data from the Company's ongoing preclinical studies will continue to be supportive of advancing its preclinical product candidates; and (v) the Company will be able to progress its product candidates that are undergoing preclinical testing, including the Neo-Kidney Augment, into clinical trials; (vi) the Company will be able enter into strategic partnerships on favorable terms, if at all, or obtain the capital it needs to develop its product candidates and continue its operations and (vii) the Company will be able to reduce the net rental obligation for its Pennsylvania facility prior to the expiration of the existing lease. For additional factors which could cause actual results to differ from expectations, reference is made to the reports filed by the Company with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. The forward looking statements in this release are made only as of the date hereof and the Company disclaims any intention or responsibility for updating predictions or expectations in this release.
SOURCE Tengion, Inc.