Tengion raises $21M for second close of Series C

The doom and gloom talk, though, doesn't mean that the money spigot is closed. Tengion announced today that it raised $21 million in a second close of its Series C.  But its CEO says its success at raising new funds came despite the increasingly chilly financial trend.

"During this challenging time across the debt and equity markets, we feel that our ability to attract additional financing from leading biotech investors - both new and existing - exemplifies the strength of our data, the experience of our management team and the promise and potential for Tengion's products to meet the critical need of patients with organ failure," said CEO Steven Nichtberger, MD.

New investor Safeguard Scientifics joined Tengion's full roster of current institutional investors: Bain Capital, Johnson & Johnson Development Corp., Deerfield Partners, Quaker BioVentures, Oak Investment Partners, HealthCap and L Capital Partners.

- check out Tengion's release

ALSO: Tengion co-founder Dr. Steven Nichtberger was chosen as the national Entrepreneur of the Year in the emerging company category by Ernst & Young. Report

PLUS: Arete Therapeutics, which is developing soluble epoxide hydrolase (s-EH) inhibitors, has closed the final tranche of its Series A financing. Frazier Healthcare Ventures and Alta Partners co-led the $16.7 million tranche, which also included existing investors Burrill & Company, Three Arch Partners, and Altitude Life Science Ventures. This financing completes the Series A round, bringing the total amount raised to date to over $51 million. Arete release

ALSO: The drug engineering biotech Numerate raised $4 million in its first round. Release