The US Bankruptcy Court gave an order approving the private sale agreement for sale of substantially all the assets of Tengion, Inc. on February 20, 2015. The Chapter 7 Trustee has been authorized to sell substantially all assets of the debtor to RegenMedTX, LLC, the buyer for a purchase price of $1.50 million at closing plus a credit bid in full of assigned secured claims of $20.56 million pursuant to the private asset purchase agreement dated February 12, 2015. The good faith deposit will be in the amount of $0.15 million.

The buyer will give 5% of cash price to be utilized by Chapter 7 Trustee. The debtor's assets include manufacturing raw materials, equipment, intellectual property, etc. The sale hearing is scheduled for March 6, 2015.

Mattew P. Ward, Esq. of Womble Carlyle Sandridge & Rice, LLP is advising the buyer.