Holliston-based Harvard Apparatus Regenerative Technology, or HART, reported Thursday that the first quarter of 2015 saw a reduction in net loss compared with the first quarter of 2014.
Net loss was $2.6 million, or 30 cents per share, for the quarter, which ended March 31. In the first quarter of 2014, net loss was $3.0 million, or 39 cents per share. The reduction was attributed to a decrease in compensation expenses from the initial stock options to employees and directors from the company’s spin-off in 2013, but was partially offset by increased research and development spending on animal studies.
The company develops regenerated organs for transplants needed in cases of cancer and other diseases, focusing on the trachea and esophagus. It spun off from Harvard Bioscience, of Holliston, in the fall of 2013.
A highlight of the quarter was a capital raise of $8.6 million in net proceeds from an equity offering in February. On March 31, HART had cash on hand of $12.2 million, and no debt, the statement said.
“We’ve seen great progress in our pre-clinical program already this year, and we are working to make our vision of life-changing, regenerated organs for patients a reality,” said Tom McNaughton, chief financial officer and interim CEO of HART. “We have continued to lay the groundwork for success with key management hires made in 2014 and the capital raised in February 2015.”
Dr. Saverio La Francesca, HART’s chief medical officer, said the team, in cooperation with leading researchers and surgeons, continues to build on accomplishments. “Ultimately, we want to develop regenerated organs that the body effectively recognizes as its own,” he said.
