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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.

Forward-Looking Statements

Except for the historical information contained herein, the matters set forth in this press release, including statements regarding Tengion's plans, potential opportunities, or other expectations, projections, goals, objectives, strategies, timelines, clinical studies, product development and the potential benefits of its products under development are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risks and uncertainties associated with Tengion's operating performance and financial position; ability to conclude strategic transactions on favorable terms, if at all; research, development and commercialization of products; meeting the objectives of its clinical studies, including, but not limited to, risks related to availability of continued funding, delays or failures resulting from slower than expected enrollment in clinical trials, clinical holds, the occurrence of adverse safety events, or obtaining regulatory approvals; and other risks detailed from time to time in the Company's most recent Annual Report on Form 10-K and other documents subsequently filed with or furnished to the Securities and Exchange Commission. These forward-looking statements are based on current information that may change and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.

CONTACT: Investor and Media Contact: A. Brian Davis brian.davis@tengion.com 336.201.0155Source:Tengion, Inc.

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