Organovo Holdings, Inc. (ONVO): BY GlobeNewswire

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Wednesday, 08/07/2019 9:09:13 AM

Wednesday, August 07, 2019 9:09:13 AM

BY GlobeNewswire
— 9:00 AM ET 08/07/2019

Organovo to Explore Strategic Alternatives and Implement Restructuring Plan
SAN DIEGO, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Organovo Holdings, Inc. today announced that it has engaged Roth Capital Partners (“Roth”) as its financial advisor to assist in the exploration of strategic alternatives. This decision was reached by Organovo’s board of directors after concluding that the Company had not generated decisive scientific data supporting the prolonged functionality and therapeutic benefit of its lead therapeutic liver tissue candidate, and that the necessary redevelopment of the tissue would require significant time, additional resources and development risks, and would likely not provide sufficient return on investment for the Company’s stockholders. To support the range of strategic alternatives being explored, the Company is also implementing a restructuring plan to significantly reduce expenses associated with its lead program in order to preserve cash.