Tengion Inc. (TNGNQ)

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TNGN~~Tengion Retains Jefferies to Explore Strategic Options for the Company

WINSTON-SALEM, N.C., Sept. 22, 2014 (GLOBE NEWSWIRE) -- Tengion, Inc. (OTCQB:TNGN), a leader in regenerative medicine, today announced that the Company, with the support of its Board of Directors, is exploring all strategic options to maximize the value of its assets and has retained Jefferies LLC as exclusive financial advisor to assist it with reviewing and structuring potential strategic transactions.

"We believe this decision increases our ability to realize the value of our Organ Regeneration Platform and we remain committed to maximizing value for our stakeholders," commented John L. Miclot, President and Chief Executive Officer of Tengion.

The Company does not intend to comment further on this process unless and until a definitive agreement has been reached.

About Tengion

Tengion, a clinical-stage regenerative medicine company, is focused on developing its Organ Regeneration Platform™ to harness the intrinsic regenerative pathways of the body to regenerate a range of native-like organs and tissues with the goal of delaying or eliminating the need for chronic disease therapies, organ transplantation, and the administration of anti-rejection medications. The Company is currently conducting Phase 1 clinical trials in Sweden and the United States for its Neo-Kidney Augment, which is intended to prevent or delay dialysis and transplantation by increasing renal function in patients with advanced chronic kidney disease. A Phase 1 trial for the Company's Neo-Urinary Conduit, an autologous implant that is intended to catalyze regeneration of native-like urinary tissue for bladder cancer patients requiring a urinary diversion following bladder removal, has completed enrollment.