Harvard Bioscience down after delaying unit's IPO
Harvard Bioscience falls as company postpones IPO of regenerative technology unit
NEW YORK (AP) -- Shares of Harvard Bioscience slipped in afternoon trading Wednesday, a day after the medical instruments maker announced that it is postponing the initial public offering of its Harvard Apparatus Regenerative Technology division.
THE BACKGROUND: 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 per share.
THE SPARK: On Tuesday, Harvard Bioscience Inc. cited "market conditions" for postponing the planned IPO of the unit. The company said it plans to separate the division from its profitable core business and will continue to explore the best methods and timing for that separation.
SHARE ACTION: Harvard Bioscience's stock dropped 80 cents, or 14.3 percent, to $4.80 in afternoon trading. The shares have traded between a low of $3.45 in June 2012 and a high of $6.15 in late March over the past year. For the year to date, the stock is up 27.9 percent.
