Organovo Holdings, Inc. ONVO, the San Diego-based regenerative medicine company focused on using its
breakthrough NovoGen 3D human tissue printing technology to create tissue on
demand for medical research and therapeutic applications, today commented on
recent reports published by two unaffiliated firms:
"Over the past two months, new and unknown firms have issued articles and
reports on Organovo, without speaking to Organovo management for information
or perspective on Organovo's business or opportunities. One firm appears to
have been formed in February 2014 and has not issued any other reports other
than on Organovo; the other firm has a mailing address at a virtual,
rent-an-office.
"We have had the opportunity to review these reports in detail and can confirm
that they contain inaccurate information and that they are exceptionally – and
likely intentionally – misleading. Based on the source of the reports and the
blatantly negative tone, we believe they were issued by or at the request of a
short seller or short-sellers, who may profit from a decrease in Organovo's
stock price following the issuance of these kinds of reports.
"Organovo remains focused on the development of 3D human tissues, including
remaining on track for launch of its 3D Liver product in 2014. The Company
believes, based on the feedback from its collaborators and scientific
advisors, that the demonstrated performance of the 3D Liver to date provides
it with the opportunity to redefine the category of in vitro assays. The
Company's opportunities in in vitro assays include liver, cancer, skin, and
kidney tissue markets and in 2013 it signed research collaborations with top
corporate and academic partners in three of those areas. In 2014, Organovo
has signed collaboration with the US National Institutes of Health to develop
eye tissues and to integrate 3D bioprinting with traditional drug screening
technologies.
"The Company continues to execute on its plan to drive to near term revenue
starting this calendar year. The Company also is currently in the midst of
preclinical development on early bioprinted tissues for direct surgical
therapy. The Company's Board and management team remain focused on these
goals, and remain confident in the Company's technology and team."
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