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August 8, 2014

Harvard Apparatus results bogged down by growing pains

Holliston-based Harvard Apparatus Regenerative Technology Inc. (HART) reported a net quarterly loss $2.5 million, or 32 cents per share, higher than $2.1 million it lost in the same period in 2013.

HART, which makes regenerated human organs, attributed the wider losses primarily to an increase in general and administrative expenses related to its spinoff from Harvard Bioscience last November.

HART took in $23,000 in revenue from the sale of bioreactor systems for organ regeneration research, which was flat compared with the first quarter. The company did not report revenue prior to the fourth quarter of 2013.

During the quarter, HART said it provided additional information to the U.S. Food and Drug Administration and expects it to be sufficient for the agency to determine whether it will grant orphan drug status to the HART-Trachea , which is intended to replace or repair a severely damaged trachea.

Additionally, the company said the European Medicines Agency (EMA) has cleared the way for HART to launch clinical trials of HART-Trachea throughout the European Union.

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