TeGenero
Encyclopedia
TeGenero AG was a pharmaceutical research company in Würzburg
, Germany. It had 15 employees and was incorporated as an Aktiengesellschaft
from 2002. TeGenero was founded in 2000 as a spin-off of the Medical School of the University of Würzburg
; it received 14 million euros in venture capital
.
TeGenero's first product was TGN1412
, which caused near-fatal side effects in its first trial on human subjects in March 2006. In April, TeGenero offered £5,000 to each of the victims of the TGN1412 trial disaster in turn for accepting a no-fault
agreement. The deal was immediately rejected out of hand by the victims' lawyers. It was also revealed that TeGenero was only insured for £2 million for the TGN1412 drug trial, an amount which is virtually certain to be exceeded by the compensation claims of the victims. On July 4, 2006, TeGenero filed for insolvency
on the grounds that the TGN1412 trial had made it impossible to attract the further investment needed to continue in business.
On December 7 2006 the German business journal Handelsblatt
as well as the Würzburger Zeitung reported that an investor from outside of Germany wants to buy TeGenero but wants to stay anonymous because of the recent negative press for TeGenero, the investor wants to keep all ten remaining employees.
Würzburg
Würzburg is a city in the region of Franconia which lies in the northern tip of Bavaria, Germany. Located at the Main River, it is the capital of the Regierungsbezirk Lower Franconia. The regional dialect is Franconian....
, Germany. It had 15 employees and was incorporated as an Aktiengesellschaft
Aktiengesellschaft
Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by shareholders, and may be traded on a stock market. The term is used in Germany, Austria and Switzerland...
from 2002. TeGenero was founded in 2000 as a spin-off of the Medical School of the University of Würzburg
University of Würzburg
The University of Würzburg is a university in Würzburg, Germany, founded in 1402. The university is a member of the distinguished Coimbra Group.-Name:...
; it received 14 million euros in venture capital
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
.
TeGenero's first product was TGN1412
TGN1412
TGN1412 is the working name of an immunomodulatory drug which was withdrawn from development after inducing severe inflammatory reactions in the first human subjects to receive the drug....
, which caused near-fatal side effects in its first trial on human subjects in March 2006. In April, TeGenero offered £5,000 to each of the victims of the TGN1412 trial disaster in turn for accepting a no-fault
No-fault
No-fault may refer to:*No-fault divorce*No-fault insurance*No-fault liability...
agreement. The deal was immediately rejected out of hand by the victims' lawyers. It was also revealed that TeGenero was only insured for £2 million for the TGN1412 drug trial, an amount which is virtually certain to be exceeded by the compensation claims of the victims. On July 4, 2006, TeGenero filed for insolvency
Insolvency
Insolvency means the inability to pay one's debts as they fall due. Usually used to refer to a business, insolvency refers to the inability of a company to pay off its debts.Business insolvency is defined in two different ways:...
on the grounds that the TGN1412 trial had made it impossible to attract the further investment needed to continue in business.
On December 7 2006 the German business journal Handelsblatt
Handelsblatt
The Handelsblatt is a leading German language business newspaper, published in Düsseldorf by the Verlagsgruppe Handelsblatt. It has a circulation of 145.437 daily copies. Its editor-in-chief is Gabor Steingart...
as well as the Würzburger Zeitung reported that an investor from outside of Germany wants to buy TeGenero but wants to stay anonymous because of the recent negative press for TeGenero, the investor wants to keep all ten remaining employees.