Tengion, Inc. Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2013
August 14, 2013 at 04:05 pm
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Tengion, Inc. announced unaudited earnings results for the second quarter and six months ended June 30, 2013. For the second quarter ended June 30, 2013, the company reported an adjusted net loss of $5.8 million, or $1.75 per basic and diluted common share, compared to an adjusted net loss of $4.5 million, or $1.89 per basic and diluted common share, for the same period in 2012. The increased adjusted net loss for the 2013 period was primarily due to an increase in interest expense of $1.7 million, offset in part by a decrease in research and development expense of $0.3 million. Loss from operations was $4,078,000 against $4,386,000 a year ago. Net loss was $11,935,000 or $3.59 per basic and diluted share against $3,319,000 or $1.40 per basic and diluted share
For the six months period the company reported loss from operations of $8,221,000 against $8,645,000 a year ago. Net loss was $17,709,000 or $5.84 per basic and diluted share against $8,268,000 or $3.49 per basic and diluted share a year ago. Adjusted net loss was $11,350,000 or $3.74 per basic and diluted share against $8,867,000 or $3.74 per basic and diluted share a year ago.
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.