|Organovo Holdings Inc (NYSEMKT:ONVO) Jumps 4% On Business Update|
|By William Kent|
|Friday, 13 March 2015 15:42|
In addition to having excellent operational execution, Organovo is also financially strong. Balance sheet of the company is strong with no debt, more than $50 million in cash on hand, and a prior quarter burn rate that annualized at approximately $19 million per year. Organovo's Board and management team are focused on executing the goals and remain confident in the Company's technology and team. The Company has hit every milestone it has described to investors on a timely basis since going public in 2012.
Organovo designs create functional, three-dimensional human tissues for use in medical research and therapeutic applications. The Company develops 3D human disease models through internal development and in collaboration with pharmaceutical and academic partners. Organovo's 3D human tissues have the potential to accelerate the drug discovery process, enabling treatments to be developed faster and at lower cost. The company had recently launched its initial product of the planned exVive3D" portfolio offering, 3D Human Liver Tissue for use in Toxicology and other preclinical drug testing. Additional products are in development, with anticipated release for an exVive3DTM Human Kidney Tissue in the latter half of calendar year 2016.