Organovo Holdings Inc. - ONVO STOCK NEWS

Organovo Holdings, Inc. (Nasdaq: ONVO) announced the granting of a stock option for 50,000 shares to a new employee, under the 2021 Inducement Equity Incentive Plan. The option has an exercise price of $2.75 per share and a vesting schedule over four years. This move is part of the company’s efforts to attract talent while complying with Nasdaq Listing Rule 5635(c)(4). Organovo is focused on creating 3D human tissues for drug development, utilizing innovative technology to replicate essential characteristics of human biology.

Organovo Holdings, Inc. (Nasdaq: ONVO) has appointed Curtis Tyree, PhD, as the new Sr. Vice President of Strategy and Business Development. Dr. Tyree brings over 20 years of R&D and management experience from firms like Ligand Pharmaceuticals and HUYABIO International. His expertise is expected to enhance Organovo's strategic initiatives, especially in advancing drug development programs for ulcerative colitis and Crohn’s disease using 3D bioprinting technology. The company focuses on creating 3D human tissues as models for drug development.

Organovo Holdings (ONVO) announced that two of its patents have successfully withstood a challenge, bolstering its robust intellectual property portfolio in 3D bioprinting. The company anticipates generating millions in licensing revenue from these patents through FY2022 to FY2025, aiding drug development costs for inflammatory bowel disease treatments. With strong patent claims recognized by third parties, Organovo's management aims to leverage its assets to benefit shareholders and explore new revenue opportunities.

Organovo Holdings (NASDAQ: ONVO) has responded to a lawsuit filed by Cellink regarding patent infringement in 3D bioprinting. Organovo claims to have a strong patent portfolio and believes Cellink's success, valued at $1.5 billion, is due to unauthorized use of its intellectual property. Organovo filed counterclaims on January 7, 2022, asserting additional patents against Cellink, with a trial scheduled for April 2023. If Cellink is found to have willfully infringed, damages awarded could be tripled. Organovo aims to protect its IP and monetize its innovations.

Organovo Holdings (Nasdaq: ONVO) provided a business update, highlighting plans to establish its first models of inflammatory bowel disease (IBD) in 2022 using advanced 3D bioprinting technology. Following a strategic shift in September 2020, the company has rebuilt its R&D team and is focused on developing novel drug therapies for diseases like Crohn’s and ulcerative colitis. Organovo aims to file multiple IND applications by 2025, with the first potentially by 2024. The company believes its 3D tissue models will yield higher success rates in drug development compared to traditional methods.

On September 14, 2021, Organovo Holdings, Inc. (Nasdaq: ONVO) convened its annual shareholder meeting but adjourned without conducting any business due to insufficient quorum, with only 45.6% of shares voted. The meeting will reconvene virtually on October 5, 2021, at 9:00 a.m. Pacific Time, allowing shareholders ample time to vote on the proposals outlined in the proxy statement submitted to the SEC on August 5, 2021. Shareholders of record as of July 19, 2021, are encouraged to participate. The definitive proxy statement is available for review on the SEC's website and the company's investor relations page.

Organovo Holdings, Inc. (Nasdaq: ONVO) will present at the virtual H.C. Wainwright Global Life Sciences Conference on March 9-10, 2021. Keith Murphy, the Executive Chairman, will discuss the Company's business overview during the presentation. A webcast will be available via the Investors & Media section of Organovo's website, with a replay accessible for 90 days post-conference. Organovo is focused on developing customized 3D human tissues to model human biology for drug development, leveraging proprietary technology for complex disease modeling.

Organovo Holdings has regained compliance with the Nasdaq's minimum bid price requirement, as its common stock closed at or above $1.00 for ten consecutive business days. Nasdaq confirmed this on September 2, 2020, thus closing the matter. Additionally, Organovo is focused on developing liver tissues to address end-stage liver disease and orphan diseases. The company has filed a definitive proxy statement for its 2020 Annual Meeting of Stockholders scheduled for September 15, 2020, which includes proposals for board membership and future company direction.

Organovo Holdings, Inc. (Nasdaq: ONVO) announced a 1-for-20 reverse stock split effective August 18, 2020, to comply with Nasdaq's $1.00 minimum bid price requirement. This decision arises from approval during the Special Meeting of Stockholders on March 26, 2020. The reverse split will reduce outstanding shares from approximately 130.6 million to about 6.5 million. Trading will resume on August 19, 2020, under the symbol 'ONVO' with a new CUSIP number. Stockholders will receive cash for any fractional shares resulting from the split.