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Organovo Reports Quarterly, Annual Results

Organovo, the San Diego firm that “bioprints” three-dimensional human tissue, reported an uptick in annual revenue for fiscal 2016, according to an earnings report released June 9.

The company brought in $1.5 million in revenue, up 160 percent from the prior year. Much of the cash came from product and service revenue and money related to collaborations and grants, the company said.

For the company’s fiscal fourth quarter, revenue was $548,000. Nearly all of that cash came from collaborations, including new deals with cosmetic giant L’Oreal USA and pharmaceutical firm Merck & Co.

“We continue to penetrate the global Top 25 pharmaceutical space, having recently added one new customer to bring our total to five with this leading group,” said Keith Murphy, CEO of Organovo, in a statement. “Repeat agreements remain strong, as evidenced by the fact that we’re now on a third contract with one of our earliest global Top 25 pharma customers.”

Organovo (NYSE MKT: ONVO) reported a bigger net loss in fiscal 2016: $38.6 million, or $0.43 per share, compared with a net loss of $30.1 million in fiscal 2015.

For the quarter, Organovo’s net loss was $8.4 million, compared with $7.8 million in the like quarter of the previous year.

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