My thoughts on Organovo, Inc. (NYSE: ONVO) Pfizer (NYSE: PFE) partnership.

What if, even before starting to generate any kind of substantial revenue, ONVO managed to lose a first potential client?

Recently, Richard Pearson, a seasoned Seeking Alpha contributor, released a very detailed report on Organovo (November 19, 2013 Link). While on the one hand, I do agree with the entirety of the thoughts presented in Pearsons article, on the other hand, I do also believe that the Announced Collaborative Agreements are worth a closer look.

We have collaborative research agreements with Pfizer and Unither, and will seek to enter into additional collaborations. (page. 25 Form 8-K/A Data of Report February 8, 2012 Link)

A closer Look at the Pfizer collaborative agreement and subsequent developments

In December 2010, we entered into a collaborative research agreement with Pfizer to develop tissue based drug discovery assays in two therapeutic areas utilizing our NovoGen MMX Bioprinter technology. To date, Pfizer has paid us all amounts due under the agreement and we anticipate completing the research plan by March 2012. We anticipate that the agreement will be extended past March 2012; although we can give no assurance that it will in fact be so extended. (page. 25 Form 8-K/A Data of Report February 8, 2012 Link)

Moreover, in its ANNUAL REPORT for the FISCAL YEAR ENDED DECEMBER 31, 2012, ONVO reported: We disclosed in 2012 that we had delivered constructs to Pfizer for internal evaluation as partial completion of the collaboration agreement; we additionally have delivered a study report to complete the scope of work in the original collaboration agreement. Constructs delivered by Organovo are currently being evaluated in the collaborators laboratory, and we anticipate that an additional agreement or agreements will be arrived at to utilize Organovo tissues in its future research efforts, although we can give no assurance that future agreements will be arrived at. (page. 7 Form 10-K Data of Report Link)

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As of February 08, 2012 two collaborative research agreements were in effect.

I do think that any potential shareholder of ONVO deserves a more exhaustive answer about whether or not the collaborative research agreement with Pfizer has been extended as well as about the state of the negotiations. Unfortunately, I were not able to locate any definitive answers to such a question (please, if you have been able to, do not hesitate to send me a message).

So I started looking for potential answers and I discovered that in October/November 2012, Pfizer announced a collaboration agreement with Cyprotex.

In 2012, we (Cyprotex) also announced a collaborative research programme with Pfizer in the area of predictive toxicology which is progressing well. (Link)

It is interesting to note that: "Cyprotex and InSphero are jointly offering a new hepatotoxicity screening service using InSphero's 3D InSight liver mode. (September 20, 2012 Link)

In addition, recently Pfizer and Roche release positive study results with InSphero (August 16, 2012 Link)

Recently, the leading US pharma company Pfizer /A client of Insphero AG/ could show that the InSphero 3D-InSight liver tissues, which contain all important cell types of the human liver, delivered

were presented at the worlds most renowned toxicology congress (Annual SOT Meeting, San

To my knowledge, neither Pfizer nor Organovo has released any results about the research project carried on within their Collaborative Agreement.

So, all we know is that : Organovo delivered constructs to Pfizer in 2012 We in over a year we have not hear about any new development with respect to this Partnership. The official word at ONVO is we are in negotiations In August 2013, Pfizer showed that InSphero 3D-InSight liver tissues, which contain all important cell types of the human liver, delivered unmatched results (August 16, 2012 Link) The Pfizer was not to be found in any of the ONVOs last presentations sliedes, neither the CEO mentioned it during the formal presentation (Link to the Presentation)

Antonio). (August 16, 2012 Link)

unmatched results in studies investigating the effects of liver toxic substances. These positive results

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SORRY IF I AM SKEPTICAL ABOUT THE STATUS OF THE NEGOTIATIONS. BUT IT SEEMS TO ME PFIZER COULD HAVE ALREADY MOVED ON. (As a potential long investor, I would do the same!)

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