Safeguard Scientifics Inc (SFES)

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News for 'SFE' - (Tengion Appoints Scott Flora to Board of Directors)


EAST NORRITON, Pa., Sept. 28, 2011 /PRNewswire via COMTEX/ -- Tengion, Inc.
(Nasdaq: TNGN) today announced that it has appointed industry veteran Scott
Flora to its Board of Directors. Mr. Flora brings to Tengion more than 20 years
of experience building and managing successful wound healing and surgical device
businesses. He most recently served as Global Business Unit President of
Surgical Devices at Covidien.

Tengion also announced today that Gary Kurtzman, M.D., Managing Director, Life
Sciences Group at Safeguard Scientifics, Inc., is stepping down from the Tengion
Board of Directors after three years of service. Safeguard Scientifics was a
private venture capital investor in Tengion, participating in the Company's
Series C round in November 2008.

"We are excited to welcome Scott with his extensive industry experience and
expertise to Tengion's Board. As we continue to advance our regenerative
medicine product candidates, his perspectives on strategic collaborations,
product development, and new product launches in the medical and surgical device
arenas will be invaluable resources for our Board and the Company," said David
Scheer, Chairman of the Tengion Board of Directors. "We are also extremely
thankful and appreciative of Gary's contributions and counsel to the Board. He
has been a committed supporter of Tengion and our programs."

Mr. Flora spent five years at Covidien, a leading global provider of healthcare
products, where he led one of its largest units and significantly grew its
business through new product development and strategic mergers and acquisitions.
His team included 10,000 employees, a global sales force of 1,000, seven
manufacturing sites and four R&D facilities. Prior to Covidien, Mr. Flora spent
fifteen years at Smith & Nephew, most recently serving as President/General
Manager of Orthopedics Reconstruction. Mr. Flora earned his B.S. from Milliken
University and is today a member of the university's Board of Trustees. He has
also completed programs at INSEAD, Wharton and Yale.

"Tengion is advancing an exciting platform and I believe that there is a real
opportunity at the Company to build collaborations, create new markets and
ultimately to benefit patients," said Mr. Flora. "I look forward to working
closely with the Board and the management team to help realize Tengion's full
potential."

About Tengion

Tengion, a clinical-stage biotechnology company, has pioneered the Organ
Regeneration Platform(TM) that enables the Company to create proprietary product
candidates that are intended to harness the intrinsic regenerative pathways of
the body to produce a range of native-like organs and tissues. Tengion's product
candidates seek to eliminate the need to utilize other tissues of the body for a
purpose to which they are poorly suited, procure donor organs or administer
anti-rejection medications. An initial clinical trial is ongoing for the
Company's lead product candidate, the Neo-Urinary Conduit(TM), an autologous
implant that is intended to catalyze regeneration of native-like bladder tissue
for bladder cancer patients requiring a urinary diversion following bladder
removal. The Company's lead preclinical candidate is the Neo-Kidney Augment(TM),
which is designed to delay or prevent the need for dialysis or transplantation
in patients at risk for kidney failure. Tengion has also applied its technology
in two Phase II clinical trials for Tengion's Neo-Bladder Augment(TM) for the
treatment of neurogenic bladder. Tengion has worldwide rights to its product
candidates.

Forward-Looking Statements

Certain statements set forth above may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to the Company's: (i) plans to develop and
commercialize its product candidates, including the Neo-Urinary Conduit and the
Neo-Kidney Augment; (ii) expectations regarding the initial clinical trial of
the Neo-Urinary Conduit; and (iii) expectations regarding planned preclinical
studies of the Neo-Kidney Augment. Although Tengion believes that these
statements are based upon reasonable assumptions within the bounds of its
knowledge of its business and operations, there are a number of factors that may
cause actual results to differ from these statements. For instance there can be
no assurance that: (i) the Company's Neo-Urinary Conduit clinical trial will not
be placed on clinical hold by the Food and Drug Administration, or FDA; (ii)
patients enrolled in the Company's Neo-Urinary Conduit clinical trial will not
experience additional adverse events, which could delay clinical trials or cause
the Company to terminate the development of the Neo-Urinary Conduit; (iii) the
Company will be able to successfully enroll patients in its clinical trials,
including its initial clinical trial for the Neo-Urinary Conduit; (iv) the
results of the clinical trial for the Neo-Urinary Conduit will support further
development of that product candidate; (v) data from the Company's ongoing
preclinical studies will continue to be supportive of advancing its preclinical
product candidates; (vi) the Company will be able to progress its product
candidates that are undergoing preclinical testing, including the Neo-Kidney
Augment, into clinical trials; and (vii) the Company will be able to obtain the
capital it needs to develop its product candidates and continue its operations.
For additional factors which could cause actual results to differ from
expectations, reference is made to the reports filed by the Company with the
Securities and Exchange Commission under the Securities Exchange Act of 1934, as
amended. The forward looking statements in this release are made only as of the
date hereof and the Company disclaims any intention or responsibility for
updating predictions or expectations in this release.

SOURCE Tengion, Inc.