NEW YORK (AP) -- Medical instruments maker Harvard Bioscience Inc. said Tuesday it is postponing the initial public offering of its Harvard Apparatus Regenerative Technology unit because of "market conditions."
Harvard Bioscience said it plans to separate the regenerative technology unit from its profitable core business. Harvard Bioscience said will continue to explore the best methods and timing for that separation.
Harvard Apparatus Regenerative Technology Inc., or HART, develops medical devices that are intended to grow organs outside of a body for transplant. The company filed for its IPO in December, and in late March it said it expected the offering of 1.7 million shares to price at $10 to $12 each.
The move comes with stocks climbing and major indexes trading at some of their highest prices ever: the Dow closed at a record Tuesday, rising 0.4 percent to 14,673.46. The index is up 12 percent this year. The S&P 500 index gained 0.4 percent to 1,568.61. That's close to its record high of 1,570.25, set April 2.
Shares of Harvard Bioscience dipped 4 cents to $5.60 Tuesday and fell 17 cents, or 3 percent, to $5.43 in after-hours trading.