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Organovo Reports Q3 2012 Financial Results, Provides Business Update
Date:11/16/2012

SAN DIEGO, Nov. 16, 2012 /PRNewswire/ -- Organovo Holdings, Inc. (OTCQX: ONVO) ("Organovo") a three-dimensional biology company focused on delivering breakthrough 3D bioprinting technology, has reported on its financial results for the three and nine month period ended September 30, 2012.

Third Quarter Corporate Highlights

  • National Institutes of Health three dimensional liver research grant revenue
  • Receipt of two issued patents, including Company's first assigned patent
  • Move to new, larger research and headquarters facility
  • Appointment of additional independent director to serve as Audit Committee Chairman
  • Third quarter 2012 revenues increased by $237,300 or approximately 102% over the same period in 2011, commensurate with the Company's continued delivery against collaborative research agreements and the initiation of research activities within the scope of a grant from the National Institutes of Health ("NIH").  Collaborative research agreement revenues contributed $141,800 or 60% of the revenue increase while grant revenues contributed $95,500.

    Cash receipts related to the reported revenues partially offset the Company's operating expenses and strengthened our balance sheet.  During the quarter the balance sheet was additionally strengthened through the receipt of approximately $1.7 million in capital from warrant and stock option exercises.  The Company had approximately $7.7 million cash on hand at the end of the quarter.  While the Company reported net earnings of approximately $38.5 million for the quarter, investors should note those earnings were primarily the result of a non-cash adjustment resulting from the change in fair value of our warrant liabilities.  The warrant liability is volatile in nature and is driven primarily by changes in the price of our Common stock, absent material changes in the number of warrants outstanding.  Investors should anticipat
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    SOURCE Organovo Holdings, Inc.
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