Harvard Apparatus changes leadership
The CEO at biotech firm Harvard Apparatus Regenerative Technology (HART) of Holliston has resigned, replaced on an interim basis by CFO Thomas McNaughton, the company announced.
HART is developing regenerated organs for transplant that are initially focused on the trachea, said David Green, who was CEO, president and board chairman, has stepped aside, although he’ll remain on the board. John F. Kennedy, a member of the board since December 2012, has been named board chairman, the company said.
HART said it has begun a search for a new president and CEO.
“We believe that this transition represents our best path forward as the company continues its progression from pre-clinical efforts towards clinical development and commercialization,” Kennedy said in a statement.
In the same statement, Green added, “My fellow board members and I concluded that the time was right to bring in a new CEO who has experience in guiding a biotechnology company through clinical trials and product launches.”
HART was spun off from its former parent, Harvard Bioscience, also of Holliston, in 2013. Its stock trades on the Nasdaq exchange. In its most recent quarterly report, for the fourth quarter of 2014, HART said it more than doubled its revenue, to $45,000, from the sale of bioreactor systems for organ regeneration research. But it lost $2.8 million, slightly deeper than the $2.6 million it lost in the fourth quarter of 2013.
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