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

e swings in that fair value will continue to impact reported earnings and losses.

On July 9, 2012, Organovo announced the receipt of two issued patents.  The patents consisted of the issuance in the United States of a patent to which the Company owns the exclusive license from the University of Missouri, and the issuance in the United Kingdom of the Company's first assigned patent.

On July 9, 2012, Organovo announced the appointment of James T. Glover, former CFO of Beckman Coulter and Anadys Pharmaceuticals, to its Board of Directors.  Mr. Glover has been affirmed as an independent director by the Organovo Board of Directors, and the Company expects to recruit additional independent directors in the future to meet the Board independence requirements of both NASDAQ and NYSE.

On July 17, 2012, Organovo announced the commencement of operations at its new, larger facility in San Diego, California.  The increased capacity will facilitate execution of planned research, product development, and commercial initiatives.  The new facility has three times the laboratory space and approximately four times the cleanroom space of our prior facility and is expected to provide adequate capacity for our immediate and near-term needs including product manufacturing.
At September 30, 2012, the Company employed twenty-six full-time employees and six part-time employees, including twenty-four individuals in research and development, an increase over second quarter employment by four full-time and two part-time employees.  

"Organovo has continued to execute its business plan and has grown substantially in 2012," stated Keith Murphy, chief executive officer of Organovo. "As a result we are better positioned to deliver on 3D bioprinted liver, new tissue-based disease models, and future partnership opportunities.  We believe all of these efforts will continue to grow shareholder value over the long term."

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SOURCE Organovo Holdings, Inc.
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