Organovo Appoints New Board Member
February 20 2019 - 8:05AM
Organovo Holdings, Inc. (NASDAQ:ONVO) (“Organovo”), a biotechnology
company pioneering the development of 3D bioprinted tissues aimed
at treating a range of serious adult and pediatric liver diseases,
today announced that its board of directors has appointed one new
member. Ms. Carolyn Beaver, former Chief Financial Officer of
Sequenom Inc., will join Organovo’s board, effective
immediately. Ms. Beaver’s appointment increases the number of
Organovo directors to nine.
“Carolyn brings significant audit and financial management
expertise to our board,” said Taylor J. Crouch, CEO,
Organovo. “Her senior leadership experience across the life
sciences sector adds to the strength of our already outstanding
board, and I look forward to tapping into her impressive skill set
as we drive our lead program toward the clinic over the next two
years.”
Ms. Carolyn Beaver has over 30 years of audit and financial
management experience. She previously held several positions
at Sequenom Inc., a life sciences testing company, including Chief
Financial Officer and Senior Vice President from March 2015 to
October 2016, Chief Financial Officer from June 2014 to March 2015
and Vice President and Chief Accounting Officer from June 2012 to
March 2015. Ms. Beaver was previously Corporate Vice
President and Controller of Beckman Coulter, Inc., a biomedical
laboratory instrument and test company, from August 2005 until June
2012, and was named Chief Accounting Officer in October 2005, a
position she held until July 2011, following the acquisition of
Beckman Coulter, Inc. by Danaher Corporation. She also served
as interim Chief Financial Officer of Beckman Coulter from July
2006 through October 2006. Ms. Beaver was a director of
Commerce National Bank, chair of its audit committee and a member
of its asset/liability committee from 2005 until the bank was
acquired in 2013. Ms. Beaver served as an audit partner with
KPMG LLP from 1987 to 2002. She was named a director and
member of the audit committee of MaxLinear, Inc., a
high-performance broadband and networking semiconductor company, in
December 2018. Ms. Beaver received a Bachelor of Science
degree in Business Administration from California State Polytechnic
University, Pomona.
About Organovo Holdings, Inc.
Organovo is a biotech platform company that has developed a
leadership position with its revolutionary ability to 3D bioprint
tissues with human functionality. The Company is pursuing
multiple IND-track programs to develop its NovoTissues® to address
a number of serious unmet medical needs in adult and pediatric
populations, initially focusing on liver disease. Organovo’s
first IND-track program for Alpha-1-antitrypsin deficiency recently
received orphan drug designation from the FDA, and the Company
expects to file its first IND in 2020. In order to support
its plan to initiate multiple IND-track programs, the Company is
providing access to its ExVive™ in vitro tissue disease modeling
platform to facilitate high value drug discovery and development
collaborations. Organovo’s wholly-owned subsidiary, Samsara
Sciences, provides the Company and its clients with high quality
human liver and kidney cells for research applications.
Organovo is changing the shape of life science research and
transforming medical care. Learn more at
www.organovo.com.
Forward-Looking Statements Any statements
contained in this press release that do not describe historical
facts 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 current
expectations, but are subject to a number of risks and
uncertainties. Forward-looking statements include, but are
not limited to, statements regarding the potential benefits and
therapeutic uses of the Company’s therapeutic liver tissue,
including the benefits of an orphan designation; the Company’s
expectations regarding the FDA regulatory pathway and anticipated
timelines for its regulatory filings; the Company’s ability to
successfully complete additional preclinical studies; the Company’s
ability to meet market demand; and customer demand for and
acceptance of its disease modeling and other in vitro tissue
platforms. 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 possibility that the final results of the Company's
preclinical studies may be different from the Company's studies or
interim preclinical data results and may not support further
clinical development of its therapeutic tissues; the Company may
not successfully complete the required preclinical and clinical
trials required to obtain regulatory approval for its therapeutic
tissues on a timely basis or at all; the Company may not be able to
obtain sufficient raw materials to meet market demand for its
therapeutic products; risks that competitive products may adversely
impact the market opportunity for the Company’s therapeutic tissue
candidates; the Company's ability to develop, market and sell
products and services based on its technology; the expected
benefits and efficacy of the Company's products, services and
technology; the Company’s ability to execute framework agreements
involving multi-year commitments and routine use on a timely basis,
or at all; the Company’s ability to successfully complete studies
and provide the technical information required to support market
acceptance of its products, services and technology, on a timely
basis or at all; the Company’s ability to raise sufficient funds to
support its business plan and ongoing operations; the Company's
business, research, product development, regulatory approval,
marketing and distribution plans and strategies, including its use
of third party distributors; the Company’s ability to recognize
deferred revenue; and the Company’s ability to meet its fiscal-year
2019 goals and outlook. 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 May
31, 2018. 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 the
Company may issue in the future. Except as required by applicable
law, including the securities laws of the United States, the
Company does 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.
Investor & Press Contact:
Steve Kunszabo
Organovo Holdings, Inc.
+1 (858) 224-1092
skunszabo@organovo.com
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