HART stock sale secures $15M in funding
A deal for the sale of $15 million shares worth of common stock will provide funding for Harvard Apparatus Regenerative Technology, Inc. (HART) of Holliston to move forward with continued research and commercialization efforts, the company announced Tuesday.
The two-and-a-half year deal with Aspire Capital Fund, LLC has already been kicked off with the sale of 500,000 shares at $2 per share, according to HART. The biotechnology company that develops bioengineered organ implants for the esophagus, trachea and bronchus will use the money to fund future research and development as well as commercialization activities, according to Jim McGorry, HART President and CEO. The funding will cover these activities through 2016, he said, explaining that the board reviewed several firms before choosing Aspire Capital.
Aspire Capital is an institutional investor based in Chicago. Steven G. Martin, managing member of Aspire Capital, said that with long term testing underway and potential new drug filings set to take place in 2016, the company will serve as an “efficient and flexible source of capital.”
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