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Tengion Chapter 7 Petition Filed

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Tengion filed for Chapter 7 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 14-12829. The Company, which is a clinical-stage regenerative medicine provider, is represented by Evelyn J. Meltzer of Pepper Hamilton. In September 2014, Tengion announced that it was “exploring all strategic options to maximize the value of its assets and ha[d] retained Jefferies LLC as exclusive financial advisor to assist it with reviewing and structuring potential strategic transactions.”

At that time, John L. Miclot, president and chief executive officer of Tengion, commented, “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.” According to documents filed with the SEC, on December 22, 2014, the Company held a special stockholders’ meeting for the purpose of voting on an amendment to Tengion’s Fourth Amended and Restated Certificate of Incorporation, as amended, to increase the number of authorized shares of common stock from 10 billion to 20 billion shares.

Tengion notes, “There were no broker non-votes with respect to this proposal. This proposal required the affirmative vote of a majority of the Company’s stockholders for approval and, as a result, was not approved.” Learn more about TNGN‘s Chapter 7 bankruptcy filing.