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

tsFor the third quarter 2012 total revenues of approximately $469,200 were $237,300 or 102% above the approximately $232,000 in revenues for the same period in 2011. Collaborative research revenues for the third quarter of approximately $373,800 increased $141,800 or 61% over the same period of prior year revenues of approximately $232,000.  Grant revenue for the three months ended September 30, 2012 of approximately $95,500 increased approximately $95,500 over the same period of prior year. No grant revenue was received in the prior year third quarter.

Operating expenses increased approximately $3,232,500 or 378% in the three months ended September 30, 2012 over the same period in 2011, from approximately $854,400 in 2011 to $4,086,900 in 2012. Most significantly, relative to the same period in the prior year, the Company invested in infrastructure and outside services to support its transition from private ownership to a publicly owned and traded corporation. As expected in such transition, incremental initiatives were established in investor outreach, corporate governance, and SEC financial reporting. Non-payroll related incremental public company expenses incurred in the three month period ended September 30, 2012 were approximately $308,200.  There were no such expenses incurred in the same period, prior year, due to our status as a private company. Moreover, the Company invested in building its executive, research, and development staff, and in expanding the number of independent board directors.  As a result payroll related expenses, for the three months ended September 30, 2012, increased by approximately $676,800 or 236% over the same period in 2011. Similarly, stock-based compensation expenses increased approximately $1,277,200, fees to our non-employee board members were initiated, raising period expenses by $32,900 and we moved into a new, larger facility to accommodate our growing administrative and research staff. Facility relate
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SOURCE Organovo Holdings, Inc.
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