Organovo Holdings Inc (NASDAQ:ONVO) said on Thursday it posted a net loss which was smaller than last year but revenue declined sharply because of a fall in research income.
The company said its net loss for the quarter was at US$7.4mln, a US$2.7mln improvement over the year ago level. The reason for the smaller loss is due to lower employee and lab suuply costs. Total revenue was US$700,000, from US$990,000 in the same period last year.
Revenue was driven down by lower income from liver tissue modeling research services.
Organovo is a biotechnology company that pioneers in the development of 3D bioprinted tissues aimed at treating a variety of liver diseases. The company is based in San Diego, California.
Contact Rene Pastor at [email protected]