Organovo Acknowledges Receipt of Proposal
03 October 2019 - 9:31AM
Organovo Holdings, Inc. (NASDAQ: ONVO) (“Organovo”) today confirmed
that it has received a proposal from Viscient Biosciences
(“Viscient”), an early-stage private company headquartered in San
Diego, California, to acquire ownership control of Organovo.
As disclosed in August 2019, Organovo’s Board of Directors (the
“Board”) determined that it would be in the best interests of
Organovo’s stockholders to evaluate Organovo’s strategic
alternatives. A Special Committee of the Board (the “Special
Committee”) has retained Roth Capital Partners, a leading
investment banking firm, to act as its financial
advisor.
The Special Committee and the Board understand the importance of
the strategic alternatives process to Organovo’s stockholders, and
are diligently working in good faith and in an informed and
deliberate manner to maximize stockholder value.
“I am pleased with what continues to be a robust process,”
stated Taylor Crouch, Organovo’s Chief Executive Officer and
President. “I am confident that the strategic alternatives
process is the right course of action for Organovo to take in order
to maximize value for its stockholders.”
Organovo intends to evaluate Viscient’s proposal in due course,
and is not asking its stockholders to take any action at this
time.
Organovo does not undertake any obligation to provide any
updates with respect to this or any other proposed transaction,
except as required by applicable law.
Forward-Looking Statements
Any statements contained in this press release that do not
describe historical facts constitute forward-looking statements as
that term is defined in the Private Securities Litigation Reform
Act of 1995. Any forward-looking statements contained herein are
based on current expectations, but are subject to a number of risks
and uncertainties. Forward-looking statements include, but are not
limited to, statements regarding the Company’s ability execute the
strategic alternative process and the Company’s ability to
successfully complete a strategic transaction that maximizes
stockholder value. The factors that could cause the Company's
actual future results to differ materially from current
expectations include, but are not limited to, risks and
uncertainties relating to the following: the Company may not be
successful in completing a strategic transaction on favorable
terms, on a timely basis, or at all; the Company may not recognize
the benefits of its cost reduction efforts; the Company may incur
unanticipated costs and charges; and the Company’s ability to
regain compliance with the NASDAQ Global Market’s listing
requirements and ability to remain listed on the NASDAQ Global
Market exchange. These and other factors are identified and
described in more detail in the Company’s filings with the SEC,
including its Quarterly Report on Form 10-Q filed with the SEC on
August 8, 2019. You should not place undue reliance on these
forward-looking statements, which speak only as of the date that
they were made. Except as required by applicable law, including the
securities laws of the United States, the Company does not intend
to update any of the forward-looking statements to conform these
statements to reflect actual results, later events or circumstances
or to reflect the occurrence of unanticipated events.
Contact: Investor Relations
Organovo Holdings, Inc.
+1 (858) 224-1000
ir@organovo.com
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