Harvard Bioscience Names Robert Gagnon CFO; To Spin-off HART - Quick Facts

(RTTNews) - Harvard Bioscience Inc. (HBIO), a developer, manufacturer, and marketer of a broad range of tools to advance life science research and regenerative medicine, said Wednesday that it has appointed Robert Gagnon, as its Chief Financial Officer, effective as of the date of HBIO's planned spin-off of Harvard Apparatus Regenerative Technology Inc. or HART, which is anticipated to be November 1, 2013, or the Distribution Date.

From October 23, 2013 until the Distribution Date, Gagnon will initially serve as HBIO's Executive Vice President - Finance.

Gagnon, age 39, was recently Executive Vice President, Chief Financial Officer and Treasurer at Clean Harbors, Inc. (CLH). Prior to this, he served in progressive executive positions at Biogen Idec, Inc.

Thomas McNaughton, who has served as Harvard Bioscience's Chief Financial Officer since November 2008, will resign from that position effective as of the Distribution Date to retain the role of Chief Financial Officer at Harvard Apparatus Regenerative Technology, Inc. or HART.

In a separate press release, Harvard Bioscience announced that its board has approved the spin-off of its wholly owned regenerative medicine device subsidiary, Harvard Apparatus Regenerative Technology Inc. or HART.

The company said that to implement the spin-off distribution, it will distribute all of its shares of HART common stock on a pro rata basis to those stockholders that hold Harvard Bioscience common stock at the close of business on October 21, 2013, the Record Date for the distribution.

Each such shareholder of Harvard Bioscience common stock will receive one share of HART common stock for every four shares of Harvard Bioscience common stock that such shareholder holds at the close of business on the Record Date. The distribution will be effective as of November 1, 2013.

As a result of the spin-off, Harvard Bioscience said it will no longer own any shares of HART common stock and HART will be an independent public company.

Harvard Bioscience expects a "when issued" public market for HART common stock to begin on or about October 21, 2013 on the NASDAQ Capital Market under the ticker symbol "HART." Following the spin-off, "regular way" trading of HART common stock is expected to start on November 4, 2013 under that "HART" ticker symbol.

Harvard Bioscience noted that its common stock will continue to trade on the NASDAQ Global Market under the symbol "HBIO."