RegenMedTX, LLC completed the acquisition of substantially all assets from Tengion, Inc. (OTCPK:TNGN.Q).
March 31, 2015 at 12:00 am EDT
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RegenMedTX, LLC signed an agreement to acquire substantially all assets from Tengion, Inc. (OTCPK:TNGN.Q) for $22.1 million on February 12, 2015. The price is $1.5 million to be paid on closing and credit bid in full of the assigned secured claims in the approximate amount of $20.56 million. RegenMedTX will deposit $0.15 million as deposit to Tengion, which will be credited towards purchase price on closing. Tengion filled voluntary petition for relief pursuant to Chapter 7 on December 29, 2014. The transaction is subject to approval by bankruptcy court. The sale hearing date is expected to be no later than February 24, 2015. The transaction is expected to complete on no later than February 27, 2015. The agreement is approved by bankruptcy court as of February 20, 2015. As of March 6, 2015, the bankruptcy court approved the deal. The sale hearing date is now expected to be no later than March 6, 2015. Katharine L. Mayer, Charles A. Stanziale, Jr., Jeffrey T. Testa and Curtis A. Johnson of McCarter & English, L.L.P. acted as legal advisors for Tengion. Matthew P. Ward of Womble Carlyle Sandridge & Rice PLLC acted as legal advisor for RegenMedTX.
RegenMedTX, LLC completed the acquisition of substantially all assets from Tengion, Inc. (OTCPK:TNGN.Q) in March 2015.
Tengion, Inc. is a regenerative medicine company focused on discovering, developing, manufacturing and commercializing a range of neo-organs, or products composed of living cells, with or without synthetic or natural materials, implanted or injected into the body to engraft into, regenerate, or replace a damaged tissue or organ. Â The Company, by using its Organ Regeneration Platform, it creates neo-organs using patientâs own cells. Â The Company, based on its clinical and preclinical experience is leveraging its Organ Regeneration Platform to develop Neo-Kidney Augment for patients with advanced chronic kidney disease and Neo-Urinary Conduit for bladder cancer patients who are in need of a urinary diversion. The Companyâs product candidates are intended to delay or eliminate the need for chronic disease therapies, organ transplantation, and the administration of anti-rejection medications.
TENGION, INC. 
