SAN DIEGO, Aug. 15, 2012 /PRNewswire/ --Organovo Holdings, Inc. (ONVO) ("Organovo") a three-dimensional biology company focused on delivering breakthrough 3-D bioprinting technology, today reported unaudited financial results for the period ended June 30, 2012.

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Organovo is focused on breakthrough 3D bioprinting technology to create tissue on demand for research and medical applications. The company's NovoGen MMX Bioprinter() is part of a 3D human tissue generation platform that works across a broad array of tissue and cell types to recapitulate in vivo biology. Organovo's bioprinting technology has immediate applications in disease research, drug discovery and development, and toxicology testing. In the future, the Company believes that applications of this technology hold the promise to generate tissues for therapeutic uses.

Second quarter 2012 revenues increased approximately 49% above the same period in 2011. Collaborative research revenues for the second quarter increased approximately 81% over the same period of prior year revenues, but were partiallyoffset by a reduction in grant revenues. Loss from Operations for the second quarter was approximately $1,449,700.

Recent Corporate HighlightsOn July 17, 2012, Organovo announced the commencement of operations at its new, larger facility in San Diego, California. The new facility has over three times the capacity of Organovo's previous headquarters and is expected to facilitate the Company's needs to grow staff and research and development output.

On July 9, 2012, Organovo announced the receipt of two issued patents. The patents consisted of the issuance in the United States of a patent to which the Company owns the exclusive license from the University of Missouri, and the issuance in the United Kingdom of the Company's first assigned patent.

On July 9, 2012 Organovo announced the appointment of James T. Glover, former CFO of Beckman Coulter and Anadys Pharmaceuticals, to its Board of Directors. Mr. Glover has been affirmed as an independent director by the Organovo Board of Directors, and the Company expects to attract additional independent directors as it grows.

On May 21, 2012, Organovo announced the hiring of Dr. Eric Michael David as Chief Strategy Officer.

On April 25, 2012, Organovo announced the hiring of Michael Renard as its Executive Vice President, Commercial Operations, and the promotion of Dr. Sharon Presnell to Chief Technology Officer.

The Company is performing on current contracts with Pfizer and United Therapeutics. The Company expects to book revenue on both contracts in the second half of 2012.

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