Bookings for commercial liver tissue reach nearly $2 million

Organovo Holdings, Inc. announced financial results for fiscal 2015 and revealed that its commercial liver tissue product exVive3D Human Liver Tissue, has acquired approximately $1.94 million in contract bookings to date, according to a press release.

The exVive3D Human Liver Tissue (Organovo) is a 3D, functional liver tissue model comprised of “primary human hepatocytes, stellate and endothelial cell types” found in native human liver, according to a previous press release from Organovo. The models are created using 3D bioprinting technology, and the tissue can remain fully functional for at least 40 days. Organovo designs 3D human tissues for therapeutic applications and medical research, which it reports have the potential to allow for faster, more economical drug discovery and treatments.

Between April 1, 2014, and June 10, 2015, total contract bookings for its commercial liver tissue product totaled approximately $1.94 million, which includes $0.29 million in revenue as of March 31, 2015, according to the release. These early results are based on its pre-launch activities and approximately 6 months of sales since its commercial launch of the product in November 2014.

“Response to the exVive3D Human Liver Tissue has been strong, and in line with our expectations,” Keith Murphy, chief executive officer of Organovo, said in the release. “We continue to expect this tissue to grow into the tens of millions in annual revenue, and that it has $100 million-plus revenue potential.”

Total contract bookings is the total value of contracts the company has entered into for research services related to the liver model during the applicable period, according to the release.

“Where contracts involve research relating to additional tissue types, only that portion of the total contract applicable to the exVive Human Liver Tissue is included. The … contracts typically require the company to provide services over a 4 to 6 month period,” according to the release.

“Fiscal 2015 represented a successful step forward for Organovo with the launch of our commercial liver product and service,” Barry Michaels, chief financial officer at Organovo, said in the release. “We expect continued adoption from the global pharmaceutical industry in the coming year. We are moving forward with confidence and momentum, both in the expansion of our toxicology tissues and in our efforts to advance other programs.”

Disclosures: Murphy and Michaels report being employed by Organovo.