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Organovo Guides on Patent Portfolio and Successful IPR Defense of Two Patents
SAN DIEGO, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Organovo Holdings, Inc. (Nasdaq: ONVO), today announced that two of its patents have withstood a patent
About this update from Vivosim Labs, Inc.
[{"type":"text","content":"SAN DIEGO, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Organovo Holdings, Inc. (Nasdaq: ONVO), today announced that two of its patents have withstood a patent challenge, and the company provided guidance on how it expects to leverage its strong patent portfolio. Organovo holds a powerful foundational patent portfolio in the 3D bioprinting space due to its licensing of pioneering work in the field and early innovations beyond that start. Organovo is focused today on bringing inflammatory bowel disease (IBD) drugs to market, with multiple IND filings expected by 2025. However, the company plans to utilize licensing revenue from its patent strength to help fund development costs of new drugs. The company currently expects to achieve millions of dollars of revenue over FY2022 to FY2025 combined from licensing its patents within the field. The strength of its patents and growth in the bioprinting industry have made for an attractive business opportunity for the company. Organovo will now begin to invest resources to explore and expand business and revenue opportunities in this area. Organovo exclusively licensed early bioprinting work by Gabor Forgacs, its scientific founder, and Thomas Boland of Clemson, both bioprinting pioneers. After its founding, the company went on to innovate broadly and obtain a broad set of patents that provide formidable foundational claims in the bioprinting space. Third parties recognized Organovo’s bioprinting IP as foundational and innovative as far back as 2015. Two Organovo patents recently stood up to a major challenge. A challenger filed petitions for inter partes review with the Patent Trial and Appeal Board (“PTAB”) in the US Patent and Trade Office, asking the PTAB to invalidate those patents’ claims as obvious. The PTAB rejected the challenges and refused to institute proceedings, which means that the PTAB did not think it was likely that the challenges would be successful. There is no appeal from these decisions. Further, the patents are even stronger now that they have been tested. Organovo Executive Chairman Keith Murphy commented on the opportunity, “Organovo’s new management team is committed to leveraging all of its assets to the benefit of shareholders. We believe that IP licensing revenue in the bioprinting space will be rewarding for the company and offset the cost of development of drug candidat...