A struggling Philadelphia-area biotech company that describes itself as a "leader in regenerative medicine," said today that Medtronic has participated in its effort to raise $31 million in financing.
It's unclear from the news release how much Medtronic invested in Tengion Inc., but the Fridley-based med-tech giant gained "first refusal" on a technology called the New-Kidney Augment through October 2013. While that sounds more like an opening act at First Avenue to this blogger, the kidney product is designed to use a patient's own cells to replace kidney function, thus delaying or preventing the need for dialysis or a transplant. The product is still in the pre-clinical trials stage.
Janet Moore covers medical technology for the Star Tribune.
