TeGenero

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.

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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.^[1] On December 7th 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.

References

1. ^ TeGenero, AG (2006-07-04). "Statement re Insolvency". Press release. Retrieved on 2006-07-04.