Organovo Holdings CEO Won't Rule Out Sale
Organovo Holdings Inc (NYSE: ONVO) got a big bounce Friday after Chief Executive Officer Keith Murphy said he won't rule out selling the development-stage medical device company.
Shares of Organovo, which aims to develop tissue for human transplants via three-dimensional printing, are down more than 42 percent year-to-date, but closed Friday at $6.35, up 15.4 percent.
Murphy spoke at an Oppenheimer investment conference Thursday and later appeared on CNBC and said he'd be open to selling the company.
Murphy holds an 8 percent stake in Organovo as of its July proxy statement, which showed officers and directors as a group holding about 12 percent of company shares.
Organovo became publicly traded through a shell company merger in 2012 and hasn't produced revenue since its launch in 2007. As of recently it counted 48 full-time employees.
Earlier this month, Organovo announced a collaboration with Yale School of Medicine to develop tissue for surgical research. The project was financed by a charity called Methuselah Foundation.
Short interest in Organovo as of November 28 totaled 17.9 million of its 80.4 million shares outstanding, up from 16.5 million shares about two weeks earlier.
Editor's note: A previous version of this story said short interest totaled 1.06 million shares. The average daily share volume as of November 28 was 1.06 million.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.