Tengion is joining the ranks of biotech companies planning to start the New Year with an IPO. The developer outlined plans to raise $40.25 million from the sale of common stock. The money would be used to back the development of new regenerative medicine products.
Tengion builds new body parts for patients using their own cells to seed replacement organs. And, like a lot of biotechs, the developer has managed to rack up a string of losses over the years. Tengion plans to go public on Nasdaq at a time a growing number of life sciences companies are dusting off IPO plans following a long dry spell for new offerings.
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