Why Organovo Holdings (ONVO) Is Soaring Today

NEW YORK (TheStreet) -- Shares of Organovo Holdings  (ONVO) on Wednesday rose 10.2% to $9.60,  after the functional human tissue designer announced that it had reached a milestone ahead of schedule.

Organovo revealed that it had made its first delivery of 3D liver tissue to a key opinion leader outside the company. Organovo had originally scheduled this delivery for April but accomplished it more than two months ahead of schedule. As a result, the company has moved up its previously scheduled commercial release of the 3D liver tissue product from December to an unspecified earlier date.

"This is an important milestone for Organovo R&D," said Dr. Sharon Presnell, Chief Technology Officer and Executive Vice President of Research and Development, in the company's statement. "In developing these tissues, we have gone through a careful set of research studies involving many individual tissues, and greatly increased our ability to produce them.  By the end of January, we expect to have bioprinted nearly four hundred 3D Liver tissues during the month."

The stock hit a high of $10.47 and a low of $9.57 for the day and had a volume of 12,083,151, nearly double its average of 6,042,810. It has a one-year high of $13.65 and a one-year low of $3.27.

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