Organovo Announces Relocation and Commencement of Operations at Larger Facility
SAN DIEGO, July 17, 2012 /PRNewswire/ -- Organovo Holdings, Inc. (OTCQB: ONVO), a biotechnology company focused on delivering breakthrough three-dimensional (3D) bioprinting technology, today announced a facility relocation and expansion. Organovo has moved its headquarters to a new 15,539 sq ft facility in San Diego, California. The facility consists of mixed lab and office space and features a clean room space nearly four times larger than Organovo's previous facility. Clean room facilities are required for protection of the functional human tissues created by Organovo's innovative 3D bioprinting process.
The space is located in the Portola development in the Sorrento Mesa area of San Diego. Alexandria Real Estate is the property owner and manager through its regional LLC. Cushman and Wakefield, LLC brokered the transaction, with Brent Jacobs and Greg Bisconti of the life sciences group representing Organovo. Organovo's previous headquarters facility consisted of 4,432 sq ft of mixed office and lab space. In the expanded facility, Organovo will continue its focus on developing bioprinting to create a broad array of functional 3D tissues that can recapitulate in vivo biology for human disease research, drug discovery and development, toxicology testing and, eventually, as therapies.
"Organovo's facility expansion provides a state-of-the-art space for our team to drive innovation with our research and development initiatives and supports partnering activities with our bioprinting technologies," commented Keith Murphy, chairman and chief executive officer of Organovo. "We now have the space to expand our expertise into additional areas of research and development and to expand our bioprinting capacity with up to four NovoGen MMX Bioprinters in regular operation. The new facility provides essential resources for Organovo to advance the development of new bioprinter technologies, 3D drug discovery models, and 3D cellular assays and research to create functional human tissues for surgical transplant."
About Organovo Holdings, Inc.
Organovo is a three-dimensional biology company focused on delivering breakthrough bioprinting technology and creating tissue on demand for research and medical applications. The company's NovoGen three-dimensional bioprinting technology is a platform that works across all tissue and cell types. Organovo's NovoGen MMX Bioprinter was selected as one of the "Best Inventions of 2010" by TIME Magazine. Organovo is helping pharmaceutical partners develop human biological disease models in three dimensions that enable therapeutic drug discovery and development. Organovo's bioprinting technology can also be developed to create surgical tissues as direct therapy. Organovo leads the way in solving complex medical research problems and building the future of medicine. For more information, please visit http://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 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, our most recent Quarterly Report on Form 10-Q. We do not undertake to update these forward-looking statements made by us.
SOURCE Organovo Holdings, Inc.