Harvard Bioscience’s (NSDQ:HBIO) regenerative therapies business will begin operating as an independent, publicly traded company at the start of next month, ditching original plans to launch an initial public offering.
The Harvard Apparatus Regenerative Technology subsidiary was tagged for spin-out late last year, a move that will take effect on November 1. HART shares will begin moving on the Nasdaq Capital Market on or around October 21, according to a company statement.
The shift will allow Harvard Bioscience to refocus on acquisitions, rather than pouring all its cash into regenerative therapies, president David Green told the Boston Business Journal.
Harvard Biosciences in March 2010 got into the regenerative medicines market with the launch of a new bioreactor, based on a model that researchers used previously to grow a tissue-engineered windpipe for transplant into a young female patient.
By the end of the day on October 21 Harvard Bioscience will distribute all shares of HART common stock to shareholders in a 1-to-4 exchange for Harvard Bioscience stock, according to a press release. Harvard Bioscience will give will own no shares of HART stock by the end of the transaction.