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Organovo Holdings said it has terminated its merger agreement with Tarveda Therapeutics. The San Diego, CA-based company originally submitted the proposal to merge with Tarveda Therapeutics late last year.
Watertown, MA-based Tarveda is a clinical-stage biopharmaceutical company developing a new class of potent and selective precision oncology medicines, which it refers to as Pentarin miniature drug conjugates.
The merger proposal, which would have been an all-stock transaction, was voted down during a recent special meeting of stockholders. If the merger had gone through the combined company would have operated under the name of Tarveda Therapeutics.
"I would like to thank our stockholders for their dedicated engagement in reviewing our merger proposal, and we look forward to laying out our go-forward strategic plan in the coming weeks," Taylor J. Crouch, Organovo’s CEO said in a release. "I would like to deeply thank Organovo’s team, our board, our advisors, and our outstanding counterparts at Tarveda Therapeutics for the months of diligent effort and well-intentioned negotiations to put forward the business combination proposal. We continue to believe that Tarveda is an exciting and innovative company, and we wish them much success in their on-going mission to bring significant advancements to the treatment of a broad range of patients suffering from solid tumor malignancies."
Organovo specialized in 3-D Bioprinted tissues comprised of human cells. However, the company recently hit the reset button and announced it was exploring strategic that would include the potential for an acquisition, merger, reverse merger, business combination, sale of assets, licensing, or other strategic transactions.
Organovo’s plan to reset came after it failed to generate decisive scientific data to support the prolonged functionality and therapeutic benefit of its liver tissue candidate.