Tengion (TNGN) new CEO
John L. Miclot has been appointed CEO of TNGN as it recasts its business model to pursue strategic partnership discussions.
Miclot fills a vacancy left by Steven A. Nichtberger who resigned in June. Miclot was previously an executive-in-residence at private equity firm Warburg Pincus. He was also CEO of CCS Medical, a company owned by Warburg Pincus and a provider of products and services for patients with chronic diseases, from 2008 until completion of a financial restructuring of the company in 2010. From 2003 to 2008, Miclot served as CEO of Respironics where he developed and implemented a growth strategy that led to the $5.1B sale of the company to Royal Philips.
The Bottom Line: TNGN revealed a restructuring plan as part of Q3/11 earnings that involved cutting 30 from its workforce and centralizing its R&D operations in its leased facility in Winston-Salem, North Carolina. TNGN needs to pursue strategic partnership and financing discussions, hopefully, his experience will help achieve key TNGN milestones in 2012. Tengion has an organ regeneration program using patients’ cells. Among its pipeline programs are a Neo-Kidney Augment program, intended to prevent or delay the need for dialysis or kidney transplant by catalyzing the regeneration of functional kidney tissue in patients with advanced chronic kidney disease, which has completed P2 clinical trials. TNGN expects to submit a pre-investigational new drug filing with the FDA in the first half of 2012. It has initiated a PI clinical trial for its Neo-Urinary Conduit in patients with bladder cancer who require a total cystectomy. TNGN is trading at $0.21, up $0.021 <+5.25%>. NASdaq listing reuirements are also at stake …!!
