Tengion, Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
March 26, 2014 at 04:05 pm EDT
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Tengion, Inc. announced unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported loss from operations of $4,472,000 against $3,795,000 for the same period a year ago. Net income was $6,039,000 or $1.06 per share basic and diluted against net loss of $4,089,000 or $1.72 loss per share basic and diluted for the same period a year ago. Adjusted net loss was $6,292,000 or $1.10 loss per share against $5,908,000 or $2.49 for the same period a year ago. The increased adjusted net loss for the 2013 period was primarily due to an increase in research and development expense of $0.5 million related to the Phase 1 clinical trial of the Company's Neo-Kidney Augment initiated in May 2013 at the Karolinska Institute in Stockholm, Sweden.
For the full year, the company reported loss from operations of $16,597,000 against $16,220,000 for the same period a year ago. Net loss was $18,927,000 or $4.70 per share basic and diluted against $16,929,000 or $7.13 loss per share basic and diluted for the same period a year ago. Adjusted net loss was $23,617,000 or $5.87 loss per share against $18,985,000 or $8.00 for the same period a year ago. The increased adjusted net loss for the 2013 period was primarily due to increases in interest expense of $4.7 million and in general and administrative expense of $0.8 million, offset in part by a decrease in research and development expense of $0.6 million and depreciation expense of $0.2 million.
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.