Organovo Holdings Founder Calls on Board of Directors to Accept Stockholders’ Opposition to the Illogical Merger With Tarveda Therapeutics
Believes Stockholders Sent a Loud and Clear Message at Special Meeting That They Oppose This Value-Destructive Combination
Encourages Board of Directors to Heed Investor Feedback and Re-Focus on Bioprinting
Urges Incumbent Directors to Resign if They Are Unwilling to Be Responsive to Investors
SAN DIEGO, April 02, 2020 (GLOBE NEWSWIRE) -- Keith Murphy, founder and former Chief Executive Officer of Organovo Holdings, Inc. (NASDAQ: ONVO) (“Organovo” or the “Company”), today issued the following statement regarding the adjournment of the March 26 special meeting of stockholders (the "Special Meeting") related to the proposed merger with Tarveda Therapeutics, Inc. (“Tarveda”):
“Organovo’s failure to obtain requisite support for the Tarveda merger at last week’s Special Meeting reinforces my belief that stockholders do not want a value-destructive combination with a weak, poorly-positioned company. Rather than try to convince stockholders to vote for an illogical transaction with Tarveda, which has limited cash and sparse prospects, the Board of Directors should uphold its duties and finally embrace investor feedback. If the incumbent directors do not want to listen to stockholders and commit to the bioprinting efforts that their capital funded, they should resign immediately. There are many capable and qualified individuals who could replace them and preside over a value-enhancing strategy focused on emerging bioprinting opportunities. Additionally, the Board should not further delay stockholders from having their voices listened to by once again adjourning the Special Meeting on April 7.”
Any statements contained herein that do not describe historical facts, including future operations, are neither promises nor guarantees and may constitute “forward-looking statements” as that term is defined in the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. Any such forward-looking statements contained herein are based on current assumptions, estimates and expectations, but are subject to a number of known and unknown risks and significant business, economic and competitive uncertainties that may cause actual results to differ materially from expectations. Numerous factors could cause actual future results to differ materially from current expectations expressed or implied by such forward-looking statements, including the risks and other risk factors detailed in various publicly available documents filed by the Company from time to time with the Securities and Exchange Commission (SEC), which are available at www.sec.gov, including but not limited to, such information appearing under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on June 3, 2019. Any forward-looking statements should be considered in light of those risk factors. Mr. Murphy cautions readers not to rely on any such forward-looking statements, which speak only as of the date they are made. Mr. Murphy disclaims any intent or obligation to publicly update or revise any such forward-looking statements to reflect any change in Company expectations or future events, conditions or circumstances on which any such forward-looking statements may be based, or that may affect the likelihood that actual results may differ from those set forth in such forward-looking statements.