SAN DIEGO, Aug. 2, 2013 /PRNewswire/ -- Organovo
Holdings, Inc. (NYSE MKT: ONVO) today announced the sale of
9,000,000 shares of its common stock in an underwritten public
offering at a price to the public of $4.50 per share. The net offering proceeds to
Organovo from the sale of the shares are expected to be
approximately $37.7 million, after
deducting underwriting discounts and commissions and other
estimated offering expenses, but excluding any exercise of the
underwriters' over-allotment option.
The Company anticipates using the net proceeds from this
offering for general corporate purposes, including research and
development, the development and commercialization of its products,
general administrative expenses, license or technology
acquisitions, and working capital and capital expenditures.
The offering is expected to close on or about August 7, 2013, subject to customary closing
conditions. In addition, the Company has granted the underwriters a
30-day option to purchase up to an additional 1,350,000 shares of
common stock on the same terms and conditions, solely to cover
over-allotments, if any.
Lazard Capital Markets LLC and Oppenheimer & Co. Inc. are
acting as joint book-runners for the offering. JMP Securities LLC
and Maxim Securities LLC are each acting as co-managers for the
offering.
The shares described above will be issued pursuant to a
prospectus supplement filed as part of a shelf registration
statement on Form S-3 previously filed with and declared effective
by the Securities and Exchange Commission ("SEC"). The offering may
be made only by means of a prospectus supplement and the
accompanying prospectus, copies of which may be obtained by sending
a request to: Lazard Capital Markets LLC, at 30 Rockefeller Plaza,
New York, NY 10020 or via
telephone at (800) 542-0970, or Oppenheimer & Co. Inc., Attn:
Syndicate Department, at 85 Broad Street, 26th Floor, New York, NY, 10004 or via email at
equityprospectus@opco.com or via telephone at (212) 667-8563.
Organovo intends to file a final prospectus supplement
relating to the offering with the SEC, which will be available
along with the accompanying prospectus filed with the SEC in
connection with the shelf registration, on the SEC's website at
www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities of Organovo, nor
shall there be any sale of securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction. This press release is being issued
pursuant to and in accordance with Rule 134 under the Securities
Act of 1933, as amended.
About Organovo Holdings, Inc.
Organovo designs and creates functional, three-dimensional human
tissues for medical research and therapeutic applications. The
company is collaborating with pharmaceutical and academic partners
to develop human biological disease models in three dimensions.
These 3D human tissues have the potential to accelerate the drug
discovery process, enabling treatments to be developed faster and
at lower cost. In addition to numerous scientific publications,
their technology has been featured in The Wall Street Journal, Time
Magazine, The Economist, and numerous others. Organovo is changing
the shape of medical research and practice. Learn more at
www.organovo.com.
Safe Harbor Statement
Any statements contained in this press release that do not describe
historical facts may 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. The factors that could cause actual future results
to differ materially from current expectations include, but are not
limited to, risks and uncertainties relating to the Company's
ability to develop, market and sell products based on its
technology; the expected benefits and efficacy of the Company's
products and technology; the availability of substantial additional
funding for the Company to continue its operations and to conduct
research and development, clinical studies and future product
commercialization; and the Company's business, research, product
development, regulatory approval, marketing and distribution plans
and strategies. These and other factors are identified and
described in more detail in our filings with the SEC, including the
prospectus supplement filed with the SEC on August 2, 2013 and the transition report on Form
10-KT filed with the SEC on May 24,
2013 and our other filings with the Securities and Exchange
Commission. You should not place undue reliance on these
forward-looking statements, which speak only as of the date that
they were made. These cautionary statements should be considered
with any written or oral forward-looking statements that we may
issue in the future. Except as required by applicable law,
including the securities laws of the
United States, we do 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.
SOURCE Organovo Holdings, Inc.