3D bioprinting materials company Organovo (NASDAQ:ONVO) has announced that it is exploring “strategic alternatives” for its business after deciding that its liver tissue requires redevelopment. California-based private investment banking firm Roth Capital Partners has been engaged as the company’s financial adviser as it pursues its options.
“After a rigorous assessment of our liver therapeutic tissue program, we’ve concluded that the variability of biological performance and related duration of potential benefits presents development challenges and lengthy timelines that no longer support an attractive opportunity given our resources,” stated Taylor J. Crouch, Organovo’s CEO at the time of the announcement.
“AS A RESULT, WE’VE SUSPENDED DEVELOPMENT OF THIS LEAD PROGRAM AND HAVE ENGAGED ROTH TO EXPLORE STRATEGIC ALTERNATIVES FOCUSED ON MAXIMIZING STOCKHOLDER VALUE.”
Crouch also said that the company would be taking action to restructure the company and reduce expenses in order to preserve cash. As a result of the announcement Organovo has also cancelled its Q1 fiscal 2019 earnings call, initially scheduled for August 8.
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