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Organovo to lay off 15 employees under restructuring plan

Organovo Holdings Inc. said it would reduce its workforce by 15 employees, or 13%, under a restructuring plan.

The company's board approved the plan, which is expected to be completed in November and will result in a $1.3 million reduction in operating costs in fiscal 2018 and $2.7 million in fiscal 2019.

Organovo expects to pay about $900,000 in one-time termination benefits during the third quarter of fiscal 2018.