BioCentury
ARTICLE | Financial News

Harvard Bioscience subsidiary postpones IPO

April 10, 2013 1:31 AM UTC

Harvard Bioscience Inc. (NASDAQ:HBIO) said its Harvard Apparatus Regenerative Technology Inc. subsidiary postponed its IPO, citing market conditions. Last month, Harvard Apparatus amended the offering and said it hoped to sell 1.7 million shares at $10-$12. An $11 price would have raised $18.7 million and valued the subsidiary at $109.5 million. In December, Harvard Apparatus proposed to raise up to $20 million in an IPO.

Harvard Bioscience said it continues to believe that spinning out its regenerative medicine technologies into a separate company is the "best path to maximizing" shareholder value. The company said it will explore the "optimal timing and methodology" of separating the technologies -- which include a synthetic scaffold for creating replacement tracheas, bioreactors for seeding cells onto the scaffold and clinical infusion pumps for injecting cells into damaged tissue -- from its life science research tool business, which is profitable. ...