Organovo Holdings Inc (NYSEMKTS:ONVO) has filed a lawsuit against Simeon Research, a firm which has issued a couple of scathing reports against the 3D bio-printing company. We reported the story earlier, below is the entire statement from Organovo Holdings Inc (NYSEMKTS:ONVO).
Please find below a statement released by Organovo in regard to a new legal suit. We regret that we are unable to make a company representative available for further comment.
The following statement may be attributed to a company spokesperson:
“Organovo’s Board of Directors and management are focused on developing life-changing technologies and creating value for Organovo shareholders. In that regard, we take seriously any claims or statements made about Organovo that we believe to be factually inaccurate, grossly misleading or potentially harmful to our business.
On April 21, 2014, Organovo filed a libel complaint with the Delaware Court of Chancery against Simeon Research LLC, the author and publisher of two recent reports on Organovo that we believe contain unsubstantiated and intentionally misleading claims. We do not take this step lightly. Organovo continues to encourage an open dialogue about our business with our shareholders and the financial community. However, such dialogue must be truthful and ethically conducted. If lines are crossed, where necessary and appropriate, we will take strong action to protect the interests of our Company and our shareholders.
Organovo has confidence in its case and its ability to demonstrate that statements in the reports are false. The Company also has confidence in how the defendant will be viewed by the Court. Simeon Research LLC was formed as a legal entity, and its website was first created, shortly before the issuance of its first report on Organovo. Although it created the appearance of a “long/short analytical equity research” firm, its reports are not attributed by name to any person, in contrast to standard industry practice. Its website and incorporation documents contain no names of any individuals involved with the entity.
Despite the rapid flow of information on the internet today, only one website eventually saw fit to provide links to Simeon’s reports, despite an attempt to distribute them more broadly. Organovo believes this fact speaks loudly about how the websites judged these reports, and wishes to thank those sites that demonstrated their integrity.
Organovo remains focused on the development of 3D human tissues, including remaining on track for launch of its 3D Liver product in 2014. The Company believes, based on the feedback from its collaborators and scientific advisors, that the demonstrated performance of the 3D Liver to date provides it with the opportunity to redefine the category of in vitro assays. The Company’s opportunities are focused on in vitro assays for liver, cancer, skin, and the kidney tissue markets and in 2013 we signed research collaborations with top corporate and academic partners in three of these areas. In 2014, Organovo has entered into a collaboration with the US National Institutes of Health to develop eye tissues and to integrate 3D bioprinting with traditional drug screening technologies. The Company’s Board and management team remain focused on delivering on the promise of these innovations and creating value for all of our stakeholders.”