Harvard Apparatus Regenerative Technology, Inc. Announces Closing of Underwritten Public Offering Including Full Exercise of...
February 18 2015 - 2:00PM
Business Wire
Harvard Apparatus Regenerative Technology, Inc. (NASDAQ: HART),
a clinical stage biotechnology company developing regenerated
organs for transplant, initially focused on the trachea, today
announced the closing of its previously announced underwritten
public offering of 2,070,000 registered shares of its common stock,
at a price to the public of $1.75 per share, and 695,857 registered
shares of its Series B Convertible Preferred Stock (“Series B”) at
a price to the public of $8.75 per share. At the option of the
investor, the Series B is convertible into five shares of common
stock of HART, and will vote with the common stock on all matters
on an as-converted basis. The Series B has no preference to the
common shares in respect of dividends, voting, liquidation or
otherwise. The number of shares of common stock sold in the
offering included the underwriters’ full exercise of their
over-allotment option of 270,000 shares of common stock.
National Securities Corporation, a wholly owned subsidiary of
National Holdings, Inc. (OTCBB: NHLD) acted as sole book runner in
the offering and Summer Street Research Partners acted as
co-manager for the offering.
HART intends to use the net proceeds of approximately $8.6
million from the offering primarily for research and development,
including funding pre-clinical and clinical trials relating to the
HART-Trachea, business development, sales and marketing, capital
expenditures, working capital and other general corporate
purposes.
The securities described above were issued pursuant to a shelf
registration statement (File No. 333-200926), which was declared
effective by the United States Securities and Exchange Commission
(“SEC”) on December 29, 2014. A final prospectus supplement and
accompanying base prospectus relating to the offering has been
filed with the SEC.
Copies of the final prospectus supplement and the accompanying
base prospectus may be obtained by contacting National Securities
Corporation at the following address:
National Securities Corporation410 Park Ave, 14th FloorNew York,
NY 10022Attn: Kim AddarichTelephone: (212) 417-8164Email:
prospectusrequest@nationalsecurities.com
Investors may also obtain these documents for no charge by
visiting the SEC's website at www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities of HART and shall
not constitute an offer, solicitation or sale of any security in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Harvard Apparatus Regenerative Technology
Harvard Apparatus Regenerative Technology makes regenerated
organs for transplant. Our first product, the HART-Trachea, is
intended to replace or repair a trachea that has been severely
damaged by either trachea cancer or physical trauma. Our
HART-Trachea technology has been used in six human trachea
transplants to date approved under compassionate use exemptions,
but none of our products are yet approved by a government
regulatory authority for marketing. On November 1, 2013, HART was
spun-off from Harvard Bioscience. The trademark “Harvard Apparatus”
is used under a sublicense agreement with Harvard Bioscience, who
has licensed the right to use such trademark from Harvard
University.
Harvard Apparatus Regenerative Technology, Inc.:David Green,
774-233-7320President and CEOdgreen@HARTregen.comorTom McNaughton,
774-233-7321CFOtmcnaughton@HARTregen.com
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