Renewable Revolution

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Checking In On Organovo

Mar 20 2013, 07:38  | 5 commentsby: Jason Napodano  |  about: ONVO.PK, includes: PFE, UTHR Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. (More...)

By Jason Napodano, CFA

On March 15, 2013, Organovo Holdings (ONVO.PK) reported financial results for 2012 and provided insight into the business plan for 2013. By all measure, 2012 was a banner year for the company, kicking off with the reverse merger late 2011 and financings to fund operations that took place in February and March 2012 and culminating with the highly successful warrant tender started late December 2012 and just recently completed earlier this month. In between, the company continues to operate on its business plan, which includes delivering on, expanding, and signing new business collaborations. Total revenues in 2012 were $1.197 million, consisting of recognition under agreements with United Therapeutics, Pfizer, and the NIH.

…Existing Collaborations…

In December 2010, Organovo entered into a $600,000 collaborative research agreement with Pfizer (PFE) to develop specific three-dimensional tissue based drug discovery assays in two therapeutic areas utilizing the NovoGen MMX Bioprinter technology. Pfizer has paid the company all $600,000 under the agreement, as Organovo delivered the constructs to Pfizer during the fourth quarter 2012. Constructs delivered by Organovo are currently being evaluated in Pfizer's laboratory. No specific timeframe has been given, but we suspect that Pfizer will come back to Organovo in the next six to twelve months. Ideally, Pfizer and Organovo will sign an additional agreement that expands the relationship at that time. We anticipate any new deal signed will provide an upfront payment, as well as the potential to earn development, regulatory, and sales-related milestones, as well as royalties on commercialized products.

In October 2011, Organovo entered into a $1,365,000 research agreement with United Therapeutics (UTHR) to establish and conduct a research program to discover treatments for pulmonary hypertension using the NovoGen MMX Bioprinter technology. The initial term of the collaboration was for 30 months. However, in November 2012, Organovo and United Therapeutics executed an amendment to the agreement adding additional research scope and providing for additional collaborative research funding. This new expansion of the agreement added $150,000 to the contract. To date, Organovo has recognized a total of $1,100,000 in payments from United Therapeutics. Based on the existing contract, $400,000 remains to be recognized in 2013.

…New Collaborations…

In December 2012, Organovo announced it started working together with Autodesk, Inc (ADSK) to create the first 3D design software for bioprinting. The software, which will be used to control the company's NovoGen MMX bioprinter, aims to represent a major step forward in usability and functionality for designing three-dimensional human tissues, and has the potential to open up bioprinting to a broader group of users.

Full article here:
http://seekingalpha.com/article/1288701-checking-in-on-organovo?source=email_rt_article_readmore