HART losses widen as it pushes toward product trials
Life sciences firm Harvard Apparatus Regenerative Technology of Holliston, which is developing bioengineered organs for life-threatening conditions, lost nearly $4.5 million during the second quarter as the firm pushes toward preclinical trials for a new generation of products, the company reported.
The loss for Harvard Apparatus (HART) was deeper than the $2.5 million net loss in the same quarter last year. For the first six months of the year, HART suffered a net loss of $7.1 million, deeper than the $5.5 million net loss from 2014.
Nonetheless, Jim McGorry, who took over as CEO last month, cited “tremendous progress” with the development of new products.
“I took this job because I deeply believe in HART’s technology, my ability to add value, and our commitment to patients and shareholders,” he said in a statement. “We are poised to make significant further progress over the coming 18 months, including key preclinical and regulatory achievements.”
Earlier this week, HART announced it will work with a Connecticut hospital to develop a way to fix or replace a child's esophagus to treat life-threatening conditions. The company is working with that hospital – Connecticut Children’s Medical Center in Hartford – as well as the Mayo Clinic to bring products to patients who need them as quickly as possible.
HART said it expects to launch preclinical studies for its new products in the fourth quarter with the Mayo Clinic.
On the revenue side, HART more than tripled its quarterly sales from $23,000 to $73,000. It grew its asset base by more than 63 percent, to $11.8 million, while reducing liabilities 17 percent, to $590,000.
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