Shares of Harvard Bioscience Inc. spiked more than 17 percent today to a high of $4.46 in the wake of a subsidiary of the Holliston-based company filing plans to raise up to $20 million in an initial public offering of its stock.
Harvard Bioscience shares closed yesterday at $3.79.
The business, called Harvard Apparatus Regenerative Technology Inc., is developing "bioreactor" devices that doctors can use to grow organs outside the body for transplant patients.
After the IPO, Harvard Bioscience will own at least 80 percent of the shares and eventually spin off the business to its own stockholders.
The subsidiary, incorporated in May, has tested a "synthetic scaffold" that can be used to create a replacement trachea. The technology has been used in "six successful human airway transplant surgeries," the company said in its IPO prospectus filed with the Securities and Exchange Commission.
Harvard Bioscience said it's on track to gain Food and Drug Administration approval for trachea transplant products by the end of 2016 and enter a potential market of more than $300 million annually.
The company also believes the technology can be used to regenerate other organs.
Additional details about the IPO shares and prices were not available.
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