Organovo prices $40m follow-on offering

Organovo (PINK:ONVO) said last week that it priced a $40 million follow-on offering of 9.4 million shares at $4.25 per share.

Proceeds are slated for general corporate purposes, the San Diego, Calif.-based company said, including R&D, commercialization of products and other general expenses.

Jefferies LLC and Piper Jaffray & Co. are book-runners for the offering, with Cantor Fitzgerald & Co. co-managing, the company said. The offering is expected to close June 23.

The 3D-printed tissue company said it is offering a 30-day underwriters’ over-allotment option for another 1.4 million shares of stock.

Organovo said in January that it plans to unveil an organ printed from living human tissue before the end of the year, with its focus set on the liver. The organ would not be suitable for transplant, the company said, but would be used for drug testing and research.

In May, Organovo said it inked a deal with L’Oreal (EPA:OR) to produce 3D-printed skin as a product-testing tool.

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