SAN DIEGO, July 24, 2013 /PRNewswire/ -- Organovo Holdings, Inc. (NYSE MKT: ONVO), a biotechnology company focused on delivering breakthrough three-dimensional (3D) bioprinting technology, and Methuselah Foundation, a public charity incentivizing innovation in regenerative medicine, today announced that Methuselah Foundation has initiated a campaign in which it will fund research at major research institutions using Organovo's proprietary NovoGen Bioprinting technology.
The program will feature grants of research funding from the non-profit Methuselah Foundation to major academic research centers engaged in cutting edge biomedical research. Eligible institutions will include public and private research universities and private non-profit research institutes. Under the program, Methuselah Foundation will divide a donation of at least $500,000 in direct funding for research projects across several institutions.
Methuselah Foundation Chief Executive Officer David Gobel commented, "Our donors expect us to drive beneficially disruptive medical technology forward. Their funding support is doing exactly that by placing Organovo's breakthrough 3D bioprinting technology in the hands of the brightest scientists that tissue engineering centers of excellence have to offer."
"Organovo's technology has broad potential application in the life sciences," said Keith Murphy, chief executive officer of Organovo. "The opportunity to allow those working towards significant breakthroughs in organ bioprinting to use the NovoGen MMX bioprinter is exciting, and we're happy to be able to establish this joint effort with Methuselah Foundation to enable greater access to Organovo's powerful platform."
The funding will go to cover budgeted bioprinter costs or other aspects of project execution. Organovo will participate in selection of the best opportunities to fund among institutions that request such funding. The initial funding is currently available and will begin as soon as candidate institutions are selected. An expected outcome from the program is a greater set of preliminary results to justify the granting of additional government research grants in the 3D bioprinting space. Organovo and Methuselah are confident that the program can become a springboard for much broader productive use of bioprinting in a number of areas of biological research.
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, our technology has been featured in The Wall Street Journal, Time Magazine, The Economist, and numerous others. Organovo listed on the New York Stock Exchange MKT on July 11, 2013. The company is dedicated to changing the shape of medical research and practice. Learn more at www.organovo.com.
About Methuselah Foundation
The Methuselah Foundation is a non-profit medical charity working to create a world where 90 year olds can have the health profile of 50 year olds, by 2028. By opportunistically leveraging resources, enabling partnerships, and awarding prizes and grants, we accelerate disruptive developments in biomedical engineering that will eradicate needless suffering and extend healthy human life. For more information please visit: www.methuselahfoundation.org.
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 our transition report on Form 10-KT filed with the SEC on May 24, 2013. 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.
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