Organovo Holdings, Inc. Prices $5.25M Public Offering

SAN DIEGO, May 08, 2024 -- Organovo Holdings, Inc. (Nasdaq: ONVO), a clinical-stage biotech firm specializing in innovative treatment methods using three-dimensional (3D) human tissues, has announced the pricing of a new public offering. This offering includes 6,562,500 shares of common stock (or pre-funded warrants in place of common stock) along with common warrants to purchase up to 6,562,500 shares of common stock. The combined public offering price per share and accompanying warrant is set at $0.80, or $0.799 for shares with pre-funded warrants. 

The common warrants—which allow the purchase of additional shares at $0.80 per share—will be exercisable immediately after issuance and hold a five-year term from the issuance date. The company anticipates gross proceeds of approximately $5.25 million from this offering, not accounting for placement agent fees and other related expenses. The closing of this offering is expected around May 13, 2024, contingent on fulfilling standard closing conditions.

JonesTrading Institutional Services LLC is acting as the exclusive placement agent for this offering. The securities are offered through a registration statement on Form S-1 (File No. 333-278668), which the Securities and Exchange Commission (SEC) declared effective on May 8, 2024. The offering is being conducted exclusively through a prospectus that is part of the effective registration statement. Preliminary prospectus details have been filed with the SEC, and electronic copies of the final prospectus, when available, can be accessed on the SEC's website at http://www.sec.gov.

This announcement does not serve as an offer to sell or solicit the purchase of these securities in any jurisdiction where such actions would be illegal without prior registration or qualification under local securities laws.

Organovo Holdings, Inc. focuses on developing drug candidates that prove effective in 3D human tissues. Their leading candidate, FXR314, is advancing towards Phase 2 trials for treating inflammatory bowel disease and shows potential for addressing metabolic liver disease and cancer. Organovo's proprietary technology enables the construction of 3D human tissues that closely resemble the composition, structure, function, and pathology of natural human tissues.

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