SAN DIEGO, March 19, 2012 /PRNewswire/ -- Organovo Holdings, Inc. (OTCQB: ONVO) ("Organovo") today announced the final closing of an oversubscribed $15.2 million private placement. At the final closing, the Company raised gross proceeds of $6.9 million through the sale of 6.9 million Units, at a price of $1.00 per Unit, to accredited investors. Post-closing Organovo has approximately 43.7 million shares of common stock issued and outstanding.
As previously announced, the Company raised $6.5 million in gross proceeds on February 8, 2012, in the first closing of the private placement, and $1.8 million in gross proceeds on February 29, 2012, in the second closing. During the entire private placement, the Company raised total gross proceeds of $15.2 million and total net proceeds of $12.8 million. Spencer Trask Ventures, Inc. served as placement agent.
"The response to our private financing has been tremendous, and we're grateful for investors' enthusiasm for our progress to date and our strong potential," stated Keith Murphy, chief executive officer of Organovo. "The financing allows Organovo to continue to pursue our goals in commercializing 3D bioprinting technologies and products in biological and medical research."
As announced on February 14, 2012, after having completed a merger in association with the first closing of the private placement, Organovo will continue the business of Organovo, Inc., headquartered in San Diego, as a wholly-owned subsidiary under the leadership of Organovo, Inc.'s current management team, headed by Chief Executive Officer Keith Murphy. The shares of common stock of the merged company have been quoted on the OTC markets and on the OTCQB under the symbol "ONVO" since February 14, 2012.
The securities sold in the private placement have not been registered under the Securities Act of 1933 and may not be resold absent registration under or exemption from such Act. T
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