Tengion, Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
November 14, 2014 at 04:01 pm
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Tengion, Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the three months ended September 30, 2014, the company reported an adjusted net loss of $6.6 million, or $0.26 per basic and diluted common share, compared to an adjusted net loss of $6.0 million, or $1.40 per basic and diluted common share, for the same period in 2013. The increased adjusted net loss for the 2014 period was primarily due to an increase in research and development expense of $0.9 million, an increase in general and administrative expense of $0.1 million offset by a decrease in interest expense of $0.4 million. Loss from operations was $4.85 million compared to $3.90 million a year ago. Net loss was $18.35 million or $0.73 per basic and diluted common share compared to $7.26 million or $1.70 per basic and diluted common share a year ago.
For the nine months ended September 30, 2014, the company reported an adjusted net loss of $19.3 million, or $0.96 per basic and diluted common share, compared with an adjusted net loss of $17.3 million, or $5.02 per basic and diluted common share, for the same period in 2013. The increased adjusted net loss for the 2014 period was primarily due to increases in research and development expense of $1.5 million, in general and administrative expense of $0.3 million and in interest expense of $0.2 million. Loss from operations was $70.47 million compared to $24.97 million a year ago. Net loss was $70.47 million or $3.49 per basic and diluted common share compared to $24.97 million or $7.24 per basic and diluted common 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.