Organovo Holdings Inc (NYSEMKT:ONVO) Shares Decline By 17.19%


Dallas, Texas 11/21/2013 (Financialstrend) – In Wednesday’s trading session, Organovo Holdings Inc (NYSEMKT:ONVO) dropped by 17.19%. The opening price of the shares was $9.18, which climbed to an intraday high of $9.28 and headed to close at $7.93. Around 17.09 million shares were exchanged on Wednesday while the average-volume of 6.82M shares were traded over a 30 day period. The 52-week low of Organovo Holdings Inc (NYSEMKT:ONVO) shares is $1.80 while the 52-week high is $13.65. The company has a market capitalization of $614.36 million.

About the company

Organovo Holdings Inc (NYSEMKT:ONVO) was previously the Real Estate Restoration & Rental Incorporated. The company was formed in 2007. It is a development-stage company. Organovo Holdings Inc (NYSEMKT:ONVO) has developed & is also commercializing a platform-technology that is used in the generation of the three-dimensional (3D) human-tissues that may be employed in drug-discovery & development, biological-research. It is also involved in developing and commercializing therapeutic-implants that can be used to treat damaged / degenerating tissues & organs.

On 28th December 2011, Real Estate Restoration & Rental, Inc. entered into an Agreement & Plan of Merger, after which RERR combined with its, hundred percent owned subsidiary, Organovo On 8th February 2012, Organovo Holdings Inc (NYSEMKT:ONVO) merged with Organovo Acquisition Corp. This is a 100%-owned subsidiary of Organovo. The Company surviving this merger became a 100%- owned subsidiary of Organovo Holdings. Resultant from this merger, Organovo Holdings Inc (NYSEMKT:ONVO) acquired the Organovo, Inc business.

It also has collaborative-research agreements with Pfizer, Inc. &United Therapeutic Corporation. As of 31st March 2012, it has 5 federal-grants, including Small Business Innovation-Research grants & has developed the NovoGen-MMX Bioprinter (the company’s 1st-generation 3D bioprinter). Organovo Holdings Inc (NYSEMKT:ONVO) is involved in developing specific 3D-human tissues that help Pfizer in discovering therapies in 2 different areas of interest and further the cause of science.