SAN DIEGO, April 15, 2014 /PRNewswire/ -- Organovo Holdings,
Inc. (NYSE MKT: 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."
About Organovo Holdings, Inc.
Organovo designs and creates functional, three-dimensional human
tissues for medical research and therapeutic applications. The
Company is collaborating with pharmaceutical and academic partners
to develop human biological disease models in three dimensions.
These 3D human tissues have the potential to accelerate the drug
discovery process, enabling treatments to be developed faster and
at lower cost. In addition to numerous scientific publications, the
Company's technology has been featured in The Wall Street Journal,
Time Magazine, The Economist, and numerous others. Organovo is
changing the shape of medical research and practice. Learn more at
www.organovo.com.
Safe Harbor Statement
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
as that term is defined in the Private Securities Litigation Reform
Act of 1995. Any forward-looking statements contained herein are
based on the Company's current expectations, but are subject to a
number of risks and uncertainties. The factors that could cause the
Company's actual future results to differ materially from current
expectations include, but are not limited to, risks and
uncertainties relating to the results of the Company's future
studies, including that the results from future studies may not
support further development and/or commercialization of its product
candidates; the Company may not successfully develop, market and
sell products based on its technology; the expected benefits and
efficacy of the Company's products and technology; and the
Company's business, research, product development, regulatory
approval, marketing and distribution plans and strategies. These
and other factors are identified and described in more detail in
the Company's filings with the SEC, including its prospectus
supplement filed with the SEC on November
27, 2013 and its transition report on Form 10-KT filed with
the SEC on May 24, 2013 as well as
its other filings with the Securities and Exchange Commission. You
should not place undue reliance on these forward-looking
statements, which speak only as of the date that they were made.
These cautionary statements should be considered with any written
or oral forward-looking statements that we may issue in the future.
Except as required by applicable law, including the securities laws
of the United States, we do not
intend to update any of the forward-looking statements to conform
these statements to reflect actual results, later events or
circumstances or to reflect the occurrence of unanticipated
events.
SOURCE Organovo Holdings, Inc.