SAN DIEGO, June 18, 2015 /PRNewswire/ -- Organovo
Holdings, Inc. (NYSE MKT: ONVO) ("Organovo" or the "Company") today
announced the sale of 9,425,000 shares of its common stock in an
underwritten public offering at a price to the public of
$4.25 per share. In addition,
the Company has granted the underwriters a 30-day option to
purchase up to an additional 1,413,750 shares of common stock on
the same terms and conditions. The gross offering proceeds to
Organovo from the sale of the shares are expected to be
$40,056,250, before deducting
underwriting discounts and commissions and other estimated offering
expenses and excluding any proceeds from the exercise of the
underwriters' option. The offering is expected to close on or
about June 23, 2015, subject to
customary closing conditions.
The Company anticipates using the net proceeds from this
offering for general corporate purposes, including research and
development, the development and commercialization of its products,
general administrative expenses, license or technology
acquisitions, and working capital and capital expenditures.
Jefferies LLC and Piper Jaffray
& Co. are acting as joint book-running managers for the
offering. Cantor Fitzgerald & Co. is acting as a
co-manager for the offering.
The shares described above will be offered pursuant to a shelf
registration statement on Form S-3 previously filed with and
declared effective by the Securities and Exchange Commission
("SEC"). Organovo intends to file a final prospectus
supplement relating to the offering with the SEC, which will be
available along with the accompanying prospectus filed with the SEC
in connection with the shelf registration, on the SEC's website at
www.sec.gov. Copies of the final prospectus supplement and the
accompanying prospectus, when available, may be obtained by sending
a request to: Jefferies LLC, Attention: Equity Syndicate
Prospectus Department, 520 Madison Avenue, 12th Floor, New York, New York 10022, by telephone at
877-547-6340, or by email at Prospectus_Department@Jefferies.com;
or Piper Jaffray & Co.,
Attention: Prospectus Department, 800 Nicollet Mall, J12S03,
Minneapolis, Minnesota 55402, by
telephone at 800-503-4611, or by e-mailing prospectus@pjc.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities of Organovo, nor
shall there be any sale of securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction. This press release is being issued
pursuant to and in accordance with Rule 134 under the Securities
Act of 1933, as amended.
About Organovo Holdings, Inc.
Organovo designs and creates functional, three-dimensional human
tissues for medical research and therapeutic applications. The
Company develops 3D human disease models through internal
development and in collaboration with pharmaceutical and academic
partners. Organovo believes these 3D human tissues have the
potential to accelerate the drug discovery process, enabling
treatments to be developed faster and at lower cost.
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 ability to complete the proposed
offering; 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's ability to successfully complete the contracts and
recognize the revenue represented by the contracts included in its
previously reported total contract bookings. These and other
factors are identified and described in more detail in the
Company's filings with the SEC, including its annual report on Form
10-K filed with the SEC on June 9,
2015, its preliminary prospectus supplement filed with the
SEC on June 17, 2015, its final
prospectus supplement to be filed with the SEC and its other
filings with the SEC. 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.
Barry Michaels, Chief Financial
Officer, (858) 224-1000 ext. 3, IR@organovo.com
Gerry Amato, Amato and Partners,
LLC, Investor Relations Counsel, admin@amatoandpartners.com
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SOURCE Organovo Holdings, Inc.