A bankruptcy judge approved an offer on Friday from two former Tengion Inc. executives for the regenerative-medicine company’s assets, the Winston-Salem (N.C.) Journal reported on Saturday. Tengion filed for chapter 7 bankruptcy protection on Dec. 29, listing $2.78 million in assets and $32.7 million in liabilities, including $31.6 million held by secured creditors. RegenMedTX LLC offered a private sale for all of Tengion’s assets, including tissue engineering research samples and taking over office leases in Winston-Salem. The bid represented $1.5 million in cash and a waiver of more than $20 million in secured claims by creditors Celegen Corp, RA Capital Healthcare Funds and Deerfield Special Solutions Fund LP. Listed among the buyers is Tim Bertram, Tengion’s former president of research and development and chief science officer, and Deepak Jain, former chief technology officer. The creditors also are listed as buyers. RA Capital was listed as the largest single secured creditor at $5.49 million, followed by Celgene at $5.1 million.
