ONVO stock is getting a lot of attention on Thursday as Organovo Holdings Inc (NASDAQ:ONVO) announced a collaboration with MCRI and Leiden University Medical Center to develop stem cell-based bioprinted tissue treatments for kidney disease.
The San Diego, California based biotechnology company Organovo has been a pioneer in developing bioprinted 3D tissues that could be used to treat a wide range of diseases.
ONVO Stock Jumps 90%
Currently, the company is engaged in a range of IND track programs in order to develop its product NovoTissues and in a new development, it has established a highly important collaboration with two experts who are attached to three leading research facilities. One of the experts in question is Professor Melissa Little, who is attached to Murdoch Children’s Research Institute (MCRI) and The Royal Children’s Hospital, Melbourne, Australia. The other is Ton Rabelink at Universiteit Leiden (“LUMC”) in Leiden, Netherlands.
The news has welcomed positively by both markets and investors and at the time of writing, ONVO stock is up a whopping 90% at $0.75.
The scope of the project is quite big and it will help in conducting research on bioprinted 3D tissues treatment for renal diseases. Organovo’s pioneering bioprinting platform will be central to the entire project, while the advanced stem cell differentiation technology will also be used to conduct the necessary research.
The funding for the project has been provided by CSL Limited and Stem Cells Australia and it promises to be an incredibly important project for the future of stem cell research in this particular field.
Taylor J. Crouch, who is the Chief Executive Officer of Organovo welcomed the collaboration: “This collaboration is another important step in this direction. With the devoted support of Stem Cells Australia and CSL Limited, leading researchers are able to leverage Organovo’s powerful bioprinting technology platform to achieve significant breakthroughs.”
The collaboration could also lead to greater exposure of Organovo products and help in the future expansion of the company.
Despite today’s jump, ONVO stock is still down 25% so far in 2019 and 60% from its 52-week high of $1.97.
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