Organovo Holdings, Inc. (ONVO)

[phytokaiser1]

News! From 12-31-2020 8K

Item 1.01 Entry into a Material Definitive Agreement.

On December 28, 2020, Organovo Holdings, Inc. (the “Company”) entered into an Intercompany Agreement (the “Agreement”), by and among the Company, Organovo, Inc., a wholly owned-subsidiary of the Company (together with the Company, “Organovo”), and Viscient Biosciences, Inc. (“Viscient”). Viscient is a related party of Organovo. Keith Murphy, the Company’s Executive Chairman and Principal Executive Officer, serves as the Chief Executive Officer and President of Viscient. In addition, Dr. Jeffrey Miner, the Company’s Chief Scientific Officer, is the Chief Scientific Officer of Viscient, and Thomas Jurgensen, the Company’s General Counsel, serves as outside legal counsel to Viscient. The Agreement was approved by the Audit Committee of the Company’s Board of Directors, which is comprised solely of “independent” directors under the rules promulgated by The Nasdaq Stock Market LLC.

Pursuant to the Agreement, Organovo agreed to provide Viscient certain services related to 3D bioprinting technology which includes, but is not limited to, histology services, cell isolation, and proliferation of cells and Viscient agreed to provide Organovo certain services related to 3D bioprinting technology, including bioprinter training, bioprinting services, and qPCR assays, in each case on payment terms specified in the Agreement and as may be further determined by the parties. In addition, Organovo and Viscient agreed to share certain facilities and equipment and, subject to further agreement, to make certain of their employees available for specified projects for the other party at prices to be determined in good faith by the parties.

Under the Agreement, each party will retain its own prior intellectual property. The Agreement contains customary indemnification and limitation of liability provisions and is terminable by either party upon 60 days’ written notice to the other party, subject to earlier termination in the event of the other party’s breach.

The foregoing description of the Agreement does not purport to be a complete description and is qualified in its entirety by reference to the full text of the Agreement, which is filed herewith as Exhibit 10.1 and incorporated herein by reference.