SA Editor Douglas W. House
Healthcare, Biotech, special situations, event-driven

Tengion: A Cautionary Tale For Regenerative Medicine Bulls

No narrative about the commercialization efforts of regenerative medicine would be complete without the story of Tengion (TNGN). It represents a business school-caliber case study about the risks inherent in bringing a novel medical product to market, even with an impressive pedigree, best-in-class technology, a colossal market opportunity, financial support from seasoned institutional investors and experienced personnel. Through the second quarter of this year, TNGN boasts an accumulated deficit of ~$265M, no products even remotely close to gaining regulatory clearance anywhere in the world and IPO shares that have lost 99.9% of their value in only three and a half years. The educational value of TNGN's history to biotech investors is infinitely greater than any success story could ever hope...

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