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Harvard Bioscience Announces Inducement Grants to Recently Hired Executives

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HOLLISTON, Mass., Nov. 18, 2013 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq:HBIO), a global developer, manufacturer, and marketer of a broad range of tools to advance life science research, has granted the inducement stock option grants it was obligated to grant to its recently hired executives as follows:

  • Jeffrey A. Duchemin - Chief Executive Officer – 500,000 options
  • Robert E. Gagnon - Chief Financial Officer – 150,000 options
  • Yong Sun - Vice President Strategic Marketing and Business Development – 100,000 options
  • Yoav Sibony - Vice President of Global Sales - 50,000 options

These grants were made on November 18, 2013 as inducement grants material to the executives entering into employment with Harvard Bioscience, as permitted under NASDAQ Listing Rule 5635(c)(4), and were approved by the Board of Directors of Harvard Bioscience prior to the hiring of the executives.

As previously agreed upon between Harvard Bioscience and each executive in connection with the respective hiring, the options were granted on the eleventh trading day after the distribution date with respect to Harvard Bioscience's spin-off of Harvard Apparatus Regenerative Technology, Inc. The options each have an exercise price of $4.31 per share, which is based on the volume weighted average price of Harvard Bioscience's common stock over the ten (10) trading day period preceding the date of grant. The options granted to Mr. Duchemin, our new CEO, fully vest three years from the date of grant, while the options granted to the other executives each vest in four equal annual installments over four years after the date of grant.

About Harvard Bioscience

Harvard Bioscience is a global developer, manufacturer, and marketer of a broad range of specialized products, primarily apparatus and scientific instruments, used to advance life science research. Our products are sold to thousands of researchers in over 100 countries primarily through our 850 page catalog (and various other specialty catalogs), our website, through distributors, including GE Healthcare, Thermo Fisher Scientific, and VWR, and via our field sales organization. Harvard Bioscience has sales and manufacturing operations in the United States, the United Kingdom, Germany, Sweden, and Spain with additional facilities in France and Canada. For more information, please visit our website at www.harvardbioscience.com.

The Harvard Bioscience logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6426

For investor inquiries, please call (508) 893-8066. Press releases may be found on our web site.

CONTACT: Harvard Bioscience Jeffrey A. Duchemin President and Chief Executive Officer Tel: (508) 893-8999 Investor Relations: Dian Griesel Inc. Cheryl Schneider (212) 825-3210 Public Relations: Dian Griesel Inc. Susan Forman or Laura Radocaj (212) 825-3210

Source:Harvard Bioscience, Inc.