SAN DIEGO, April 21, 2015 /PRNewswire/ -- Organovo
Holdings, Inc. (NYSE MKT: ONVO) today announced
preliminary financial information (unaudited) for the fourth
quarter and fiscal year ended March 31,
2015.
Based on preliminary financial information for the fiscal
quarter and year-ended March 31,
2015, Organovo estimates:
- Total net revenues of approximately $268
thousand for the quarter, and approximately $571 thousand for the fiscal year
- Total net cash utilization during fiscal 2015 fourth quarter
and fiscal year ended March 31, 2015
of approximately $6.3 million and
$21.1 million, respectively; and
- The Company closed the year with cash and cash equivalents of
approximately $50.1 million
"We are pleased to report preliminary fourth quarter and annual
results which primarily reflect the initial uptake of our
pre-launch product and services," said Chief Financial Officer
Barry Michaels. "Fiscal 2015 was an
exceptional year of accomplishment for Organovo, as we locked down
our liver toxicity product and initiated commercial launch of our
product and service in November. We expect to gain
greater adoption from the global pharmaceutical community and look
forward to partnering with them in the discovery and development of
their products. Moreover, we are excited about our development
progress with a kidney tissue product as well as the opportunity to
expand our footprint to include applications within the cosmetics
industry. We enter fiscal 2016 with confidence and momentum and
look forward to continued expansion of our platform technology
across multiple industries utilizing various fully cellular
tissues."
We define net cash utilization as the change in the amount of
cash and cash equivalents at the beginning of the reporting period
as compared to the end of the reporting period, excluding financing
activities ( which would include proceeds from the sale of common
stock and the exercise of warrants and stock options). Net cash
utilization is an operational measure that should be considered in
addition to our results prepared in accordance with U.S. generally
accepted accounting principles ("GAAP"). This operational
measure should not be considered as a substitute for, or superior
to, GAAP results. We believe net cash utilization is a
relevant and useful operational measure for the Company and our
investors because it provides information regarding our cash burn
rate.
Organovo will initiate quarterly earnings calls upon filing the
fiscal 2015 10-K annual report with the SEC in early to mid-June,
2015. Earnings call details will be published approximately
one week before the event.
About Organovo Holdings, Inc.
Organovo designs and creates functional, three-dimensional
human tissues for use in medical research, cosmetic, and
therapeutic applications. The Company develops 3D human tissue
models through internal development and in collaboration with
pharmaceutical, cosmetic, and academic
partners. Organovo's 3D human tissues have the potential
to accelerate the discovery process, enabling drug treatments and
active agents to be developed faster and at lower cost. The company
recently launched its initial product of the planned exVive3D™
portfolio offering, a 3D Human Liver Tissue for use in Toxicology
and other preclinical drug testing. Additional products are in
development, with anticipated release for an exVive3D™ Human Kidney
Tissue in the latter half of calendar year 2016. The Company also
actively conducts early research on specific tissues for
therapeutic use in direct surgical applications. In addition to
numerous scientific publications, the Company's technology has been
featured in The Wall Street Journal, Time Magazine, The
Economist, and numerous other media outlets. Organovo is
changing the shape of medical research and practice. Learn more
at www.organovo.com.
Sign up for email updates and connect with us on Twitter
(@Organovo).
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 and includes, without limitation, the preliminary
financial information for the fiscal quarter and year ended
March 31, 2015, the adoption rate for
our liver tissue product, the development of our kidney tissue
product and our opportunities in the cosmetics industry. The
financial information disclosed above is preliminary and remains
subject to final management review and audit by the Company's
independent registered public accounting firm. As a result,
the Company's actual results could differ materially and adversely
from those set forth above. The Company will not update this
preliminary financial information until it reports its financial
results for the fiscal year ended March 31,
2015 in its annual report on Form 10-K. Any
forward-looking statements contained herein are based on current
expectations, but are subject to a number of risks and
uncertainties. The factors that could cause actual future results
to differ materially from current expectations include, but are not
limited to, risks and uncertainties relating to the Company's
ability to develop, market and sell products based on its
technology; the expected benefits and efficacy of the Company's
products and technology; the market acceptance of the Company's
products; the Company's business, research, product development,
regulatory approval, marketing and distribution plans and
strategies; and the Company discovers errors in the preliminary
financial information in connection with the audit of those
numbers. These and other factors are identified and described in
more detail in our filings with the SEC, including our
Quarterly Report on Form 10-Q filed with
the SEC on February 6, 2015. 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.
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SOURCE Organovo Holdings, Inc.