After serving as interim CFO at Harvard Bioscience for the past 11 months, Mark Frost has dropped his temporary tag and assumed the position at the Holliston-based biotech firm.
Frost began his tenure as Harvard Bioscience’s official CFO and treasurer on Friday, according to a Tuesday filing with the U.S. Securities and Exchange Commission. WBJ has reached out to Harvard Bioscience for comment.
“Mark is a proven financial executive with extensive experience in corporate finance and as a public company CFO,” Jim Green, the firm’s previous chairman and CEO, said in an April release announcing Frost’s interim role. “I am confident in Mark’s financial and business acumen as well as his ability to lead our finance team in a challenging market environment.”
Founded in 1901, Harvard Bioscience designs and manufactures scientific instruments used by pharmaceutical companies and research institutions in drug development. Green retired as CEO in July, and board member John Duke now serves as CEO.
Frost succeeds Jennifer Cote, who announced her resignation from the firm in April after three years in the role. She now serves as vice president of business process optimization at Minnesota-based medical equipment manufacturer Solventum, according to her LinkedIn profile.
In his new capacity, Frost will receive an initial annual base salary of $375,000 per year and can receive up to 60% of that figure in additional incentive compensation, depending on whether certain objectives are met.
Frost’s appointment comes after Harvard Bioscience fell out of compliance with the Nasdaq last year for neglecting to meet two of the market’s requirements.
In April, the firm was notified it had failed to meet the market’s $1 per share minimum stock bid price for 30 consecutive business days. In June, the resignation of board member Alan Edrick brought the number of members on the firm’s audit committee down to two, one short of Nasdaq’s requirement.
In July, the company appointed two new board members, Robert Gagnon and Seth Benson, both of whom would serve on its audit committee, according to a July 12 SEC filing, with Harvard Bioscience stating it had regained compliance with Nasdaq’s requirement in its August quarterly report. The firm has until March 30 to meet the market’s minimum bid price.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare, manufacturing, and higher education industries.
