April 15, 2010 (FinancialWire) — Tengion, Inc. (NASDAQ: TNGN), a biotechnology firm, said it has completed its initial public offering of six million shares of common stock at a price of $5 per share.

The joint book-running managers of the offering are Piper Jaffray (NYSE: PJC) and Leerink Swan. The company said it expects to see net proceeds of around $26 million.

In addition, Tengion has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares to cover over-allotments, if any.  

Pennsylvania-based Tengion is a clinical-stage biotechnology company with an organ regeneration platform designed to catalyze the body's innate ability to regenerate.

Tengion's neo-organs and neo-tissues in development, such as bladders and vessels, combine bioabsorbable materials and a patient's own cells to regenerate diseased and failing organs and tissues.

The firm said its product candidates have the potential to treat organ and tissue failure without donor transplants or the side effects of related therapies.

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