Harvard doesn't have the HART for IPO
This article was originally published in Clinica
After postponing its IPO plans last month, Harvard Bioscience has now altogether ditched the idea of floating its Harvard Apparatus Regenerative Technology (HART) subsidiary, citing poor market conditions. Instead, HART will now be spun-off to existing shareholders. Harvard initially announced plans for the IPO in March; it had been hoping to sell 1.7 million HART shares priced at $10-12 each to raise around $18.7 million (www.clinica.co.uk, 27 March 2013). However, it postponed the public offering in April (www.clinica.co.uk, 11 April 2013). HART makes synthetic organs for implantation from patients’ own stem cells, with an initial focus on the trachea. Its products are not yet approved anywhere in the world. The latest development is yet another indication of the sluggish IPO market, particularly in the US.