Biotech Values

[DewDiligence]

ONVO +43% on PR from activist shareholder, Keith Murphy—who happens to be the company founder—opposing ONVO’s reverse merger with Tarveda that was announced in Dec 2019 (#msg-152824419):

https://finance.yahoo.com/news/viscient-biosciences-bioprint-3d-lung-192510136.html

The above PR from Keith Murphy says almost nothing about ONVO, but it makes lofty claims that Murphy’s private company, Viscient Biosciences, can play a role in COVID-19 drug discovery. This was enough to cause today’s pop in ONVO’s share price, which suggests that some investors interpret Murphy’s PR as an implicit invitation for ONVO to revere-merge with Viscient instead of Tarveda.

Last Friday, ONVO acknowledged that it lacked the shareholder votes to approve the deal with Tarveda, postponing the vote until 4/7/20 (#msg-154624048).

Weird stuff is happening in biotech these days. Stay tuned.