Talking about dilution on a stock with a market cap of 10.48M is ridiculous.
If Tengion is even moderately successful it will easily have a modest $750 million market cap. That is micro cap territory, nothing even mid sized.
Suppose it gets diluted 5x so that the number of shares outstanding balloons to 119 million. Thats runaway dilution of 5x the number of current shares.
At runaway 5x dilution and reaching a modest market cap of 750 million, the share price will be $6.29 - an appeciation of over 14x from todays price.
Worrying about dilution on a stock with market cap of 10 million with potential for even modest microcap success is stupid.