Organovo Co-Founder Resigns from Board
Previously we discussed Organovo in an article titled “Is Organovo the Real Deal?”. Today Organovo filed an 8K announcing that Andras Forgacs, co-founder of Organovo, resigned as a member of the Board of Directors and that there were no disagreements between Mr. Forgacs and the Company relative to his resignation. Andras co-founded Organovo with his father, Professor Gabor Forgacs of the University of Missouri, who filed the first patent application for the NovoGen bioprinting platform. One can’t help but wonder if there was a family disagreement that prompted this resignation, however here may be another reason.
Most investors in Organovo probably don’t know that Andras Forgacs co-founded another company in 2011 with his father, Modern Meadow. Andras is currently the CEO of modern meadow and his father Gabor is the Chief Scientific Officer. The company’s value proposition is simple; to be able to print meat and leather. In late 2011 Gabor actually cooked and ate a small piece of cultured pork onstage at a TEDMED conference.
However meat is not the initial focus of the company. It’s just too expensive to do right now. In a BBC article titled “Modern Meadow aims to print raw meat using bioprinter“, researchers at Maastricht University in the Netherlands estimate the cost of a 3D printer hamburger to be about $300,000. Instead Modern Meadow intends to print leather.
According to Bain Consulting, the global leather market sits at about 63 billion US dollars. Right now the company is able to print credit card sized samples of leather but they anticipate by the end of the summer to move to sheets at least 10 inches square. Currently the process takes about 30 days.
Since Andras joined as CEO in January 2012, the company has received about 1.4 million in seed money from angel investors and seed funds. Business Week published an article on June 6th 2013 titled “Modern Meadow Makes Leather and Meat Without Killing Animals” which contains a great deal more about this interesting venture from the Forgacs family. Maybe this explains why Andras resigned from the board at Organovo.
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