Holliston-based Harvard Apparatus Regenerative Technology, or HART, reported Thursday that the company had revenue of $45,000 in the fourth quarter of 2014 from the sale of bioreactor systems for organ regeneration research. That was more than double the $22,000 in revenue for the same period in 2013.
The company develops regenerated organs for transplants, initially focused on the trachea. It spun off from Harvard Bioscience, of Holliston, in the fall of 2013.
“During the full year of 2014, and more recently, we made significant progress on critical aspects of making regenerated organs for transplant a reality for patients,” President and CEO David Green said in a statement.
Five patients have been transplanted with a HART-Trachea so far, with an average survival of 22 months, which the company stated is “a significant improvement over the prognosis at the time of transplant which was typically just a few months.” Three of the five have died, though “none of them died because of a failure of our scaffold.” The two other patients have been living with the transplant for nine months in one case, two and a half years in the other.
Net loss was $2.8 million, or $0.36 per diluted share, for the three months ended Dec. 31, 2014, compared to a $2.6 million net loss, or $0.34 per diluted share, for the same period in 2013. HART attributed much of the higher loss in the fourth quarter of 2014 to increases in research and development expenses related to animal studies; and expenses related to employee compensation from the time of spinoff.
The company reported it had $5.3 million cash on hand at the end of 2014 and no debt.
