<SEC-DOCUMENT>0001171843-20-003996.txt : 20200526
<SEC-HEADER>0001171843-20-003996.hdr.sgml : 20200526
<ACCEPTANCE-DATETIME>20200526172418
ACCESSION NUMBER:		0001171843-20-003996
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200526
DATE AS OF CHANGE:		20200526
EFFECTIVENESS DATE:		20200526

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HARVARD BIOSCIENCE INC
		CENTRAL INDEX KEY:			0001123494
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				043306140
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33957
		FILM NUMBER:		20911859

	BUSINESS ADDRESS:	
		STREET 1:		84 OCTOBER HILL RD
		CITY:			HOLLISTON
		STATE:			MA
		ZIP:			01746
		BUSINESS PHONE:		5088938999

	MAIL ADDRESS:	
		STREET 1:		84 OCTOBER HILL ROAD
		CITY:			HOLLISTON
		STATE:			MA
		ZIP:			01746
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>defa14a_052620.htm
<DESCRIPTION>DEFINITIVE ADDITIONAL MATERIALS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>UNITED STATES</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

<P STYLE="margin: 0pt 0; font-size: 18pt; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="margin: 0pt 0; font-size: 18pt; text-align: center"><B></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>(Rule 14a-101)</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><b>INFORMATION REQUIRED IN PROXY STATEMENT</b></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>Proxy Statement Pursuant to Section 14(a) of the</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><b>Securities Exchange Act of 1934</b></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>(Amendment No. )</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><B></B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt">Filed by the Registrant &#9746; &nbsp;&nbsp;Filed by a Party other than the Registrant &#9744;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">Check the appropriate box:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt">&#9744;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt">&#9744;</TD>
    <TD STYLE="font-size: 10pt"><font style="font-size: 10pt">Confidential, For Use of the Commission Only (as permitted by Rule
    14a-6(e)(2)) </font></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt">&#9744;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt">&#9746;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Definitive Additional Materials </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt">&#9744;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-12 </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>Harvard Bioscience, Inc.</B></FONT><B>
</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt">&#9746;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">No fee required. </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt">&#9744;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies: </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies: </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction: </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Total fee paid: </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt">&#9744;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials: </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt">&#9744;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Amount previously paid: </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.: </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Filing Party: </FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Date Filed: </FONT></TD></TR>
</TABLE>




















<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<!-- Field: Page; Sequence: 1 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="text-align: right; margin: 0pt"><img src="logo.jpg" alt=""></p></div>
    <!-- Field: /Page -->

<p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center"><font style="font-size: 14pt"><b>Harvard Bioscience, Inc. Issues
Letter to Shareholders</b></font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b><i>Provides Update on Performance Against Previously Announced
Strategic Plan </i></b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">May 26, 2020</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">Dear Harvard Bioscience Shareholders,</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">I am writing to provide you with updates on our performance against
our strategic plan and how are we meeting our commitment to turn around Harvard Bioscience while navigating through the challenges
of the COVID-19 pandemic.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">Let me start by saying that we are proud to see our products playing
a valuable part in the fight against COVID-19. We have seen a significant shift in demand toward research products needed for this
effort, including strong demand in our inhalation, respiratory and telemetry product portfolios. Many of our products, such as
our BTX Electroporation gene splicing products, are aiding in the development of new treatments, and our multi-well plates are
used for antibody detection. Our preclinical products also play a major role in new treatments or vaccines before they can be used
in humans. And our recently launched inhalation products arrived just in time to be used for research and development efforts that
will help in the fight against COVID-19 and other airborne viruses.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>



<p style="margin: 0pt 0; font-size: 10pt">Most importantly, we will continue to be committed to doing all we can to support our
customers, including contract research organizations (CROs), and researchers in government, academic and pharmaceutical laboratories
in their efforts to research and develop safe and effective treatments and vaccines for COVID-19.</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="border-bottom: Black 1pt solid; color: #4472C4; font-size: 10pt; text-align: center; margin: 0pt 0"><font style="text-transform: uppercase"><b>Performance
Against Key Strategic Commitments </b></font></p>

<p style="color: #4472C4; font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>



<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">The COVID-19 pandemic has had a significant impact on our academic
research customers. While this will cause some delays, we still expect to meet or exceed our strategic actions announced on September
9, 2019. Below I report on each of the strategic actions we have committed to:</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 21pt"></td><td style="width: 18pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">We have stabilized the business and completed assembling an experienced leadership team. We have
the right executives and Board of Directors to turn the Company around this year.</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</p>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><p style="text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="text-align: right; margin: 0pt"><img src="logo.jpg" alt=""></p></div>
    <!-- Field: /Page -->

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 21pt"></td><td style="width: 18pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">We have reduced our interest expense by paying down our debt by $6 million since July 2019. While
bank refinancing is delayed, we expect to have the leverage ratio below 3x this year, as we previously stated. Once banks are ready
to refinance, we are ready to do so.</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 21pt"></td><td style="width: 18pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">We have improved margins through consolidations, and have reduced cost of goods sold (COGS) and
operating expenses. We completed consolidation of our North Carolina operation and have begun consolidating our Connecticut manufacturing
operation, which we expect to finish in the next quarter. In addition, we expect to complete the streamlining of our UK operation
next quarter. These consolidations have resulted &ndash; and will continue to result &ndash; in reductions in both COGS and operating
expenses.</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 21pt"></td><td style="width: 18pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Operating expenses and COGS were further reduced by restructuring actions initiated in late 2019
followed by reductions in force, and these expense reductions were further augmented by the COVID-19 action plan we put in place
in the second quarter of this year.</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 21pt"></td><td style="width: 18pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">We have begun creating a leaner global manufacturing and supply chain through the consolidations
described above and by bringing together the operations team under one experienced leader, Ken Olson.</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 21pt"></td><td style="width: 18pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">We have re-energized and refocused sales by appointing experienced sales leaders. Ryan Wallace
now leads direct sales to CROs, Pharma and certain large customer accounts where strategic selling of large multi-year sales are
typical. Don Stewart and Henrik Schmidt are focusing on expanding the total available market and driving sales to Academic Research
Customers in the Americas &amp; APAC, and Europe, respectively.</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 21pt"></td><td style="width: 18pt"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">We have started rationalizing our product portfolio and pricing, eliminating non-strategic lower
margin products and are driving cross selling of historical cellular and molecular products into CROs/Pharma and Pre-Clinical products
into large academic labs.</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>Below is a summary of our progress on the strategic actions we
announced for 2019 and 2020: </b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<table cellspacing="0" cellpadding="3" align="center" style="width: 90%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: bottom">
    <td style="border: Black 1pt solid; width: 51%; text-align: center"><font style="color: #0070C0"><b>Strategic Action</b></font></td>
    <td style="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 49%; text-align: center"><font style="color: #0070C0"><b>Status</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><font style="font-size: 10pt">Stabilize business and complete leadership team</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Complete</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><font style="font-size: 10pt">Refinance debt and reduce interest expense</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Refinance delayed due to COVID-19 impact on credit markets </b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><font style="font-size: 10pt">Improve margins through consolidations, reduced COGS and operating expenses</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>On track: FY19 restructure completes Q3 with &gt; $4M savings, additional $3M savings in Q2 </b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><font style="font-size: 10pt">Optimize manufacturing and supply chain</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>On track: 1 consolidation complete, 2 in progress</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><font style="font-size: 10pt">Reenergize and refocus sales operations</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Complete: Sales team alignment to CROs/Pharma, Academic, Distributors/OEM </b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><font style="font-size: 10pt">Rationalize product portfolio and pricing</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>On track: To be completed by year end &nbsp;</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><font style="font-size: 10pt">Pay down debt and reduce leverage ratio to &lt;3x by end of 2020</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>On track: Reduced debt by $6 million since July 2019 </b></font></td></tr>
</table>


<p style="color: #0070C0; font-size: 10pt; text-align: center; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="color: #0070C0; font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="color: #0070C0; font-size: 10pt; text-align: center; margin: 0pt 0"></p>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><p style="text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="text-align: right; margin: 0pt"><img src="logo.jpg" alt=""></p></div>
    <!-- Field: /Page -->

<p style="border-bottom: Black 1pt solid; margin: 0pt 0; color: #0070C0; font-size: 10pt; text-align: center"><b>COVID-19 HAS ACCELERATED OUR AGGRESSIVE ACTIONS
TO BUILD A LEANER, MORE PROFITABLE PLATFORM</b></p>

<p style="color: #0070C0; font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>



<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">When Academic Research Labs in China began shutting down, we planned for the possibility of labs
across the globe being similarly affected. In response, beginning in April, we implemented a COVID-19 mitigation plan to further
reduce spend by an additional $3 million in the second quarter.</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Combined revenues from CROs and Pharma increased in the first quarter and are expected to strengthen
throughout the year.</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">Given the challenges of predicting the timing of the Academic recovery, we will continue to aggressively
manage costs and continue the move to a leaner organization and operation.</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">By taking immediate cost actions, we expect to maintain solid gross margins and operating profit
during the second quarter of 2020 and expect to improve sequentially through the year.</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center">###</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">Last September, I committed to turning the Company around and to
creating significant shareholder value by transforming Harvard Bioscience into a profitable growth platform. We set aggressive
targets to measure ourselves against and committed to creating a high performing business by 2021. The COVID-19 pandemic came,
impacting us as everyone else &ndash; but like many previous challenges, this team saw it coming and immediately took aggressive
actions to deal with it. We&rsquo;re successfully managing through this challenge and remain focused on meeting the commitments
we have made to you.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">Thank you for your investment in Harvard Bioscience.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">Sincerely,</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">Jim Green</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">Chairman, President &amp; Chief Executive Officer</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>&nbsp;</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"></p>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><p style="text-align: right; margin: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="text-align: right; margin: 0pt"><img src="logo.jpg" alt=""></p></div>
    <!-- Field: /Page -->

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><font style="background-color: white"><b>About Harvard Bioscience</b></font></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><font style="background-color: white">Harvard Bioscience is a leading
developer, manufacturer and seller of technologies, products and services that enable fundamental research, discovery, and pre-clinical
testing for drug development. Our customers range from renowned academic institutions and government laboratories, to the world&rsquo;s
leading pharmaceutical, biotechnology and clinical research organizations. With operations in North America and Europe, we sell
through a combination of direct and distribution channels to customers around the world.</font></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><font style="background-color: white">For more information, please
visit our website at www.harvardbioscience.com.</font></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><font style="background-color: white">&nbsp;</font></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><font style="background-color: white">&nbsp;</font></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Forward-Looking Statements</b></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="background-color: white">This press release contains forward-looking statements
within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify
these statements by our use of such words as &quot;will,&quot; &quot;guidance,&quot; &quot;objectives,&quot; &quot;optimistic,&quot;
&quot;potential,&quot; &quot;future,&quot; &quot;expects,&quot; &quot;plans,&quot; &quot;estimates,&quot; &quot;continue,&quot;
&quot;drive,&quot; &quot;strategy,&quot; &quot;potential,&quot; &quot;potentially,&quot; &quot;growth,&quot; &quot;long-term,&quot;
&quot;projects,&quot; &quot;projected,&quot; &quot;intends,&quot; &quot;believes,&quot; &quot;goals,&quot; &quot;sees,&quot; &quot;seek,&quot;
&quot;develop&quot; &quot;possible&quot; &quot;new,&quot; &quot;emerging,&quot; &quot;opportunity,&quot; &quot;pursue&quot; and
similar expressions that do not relate to historical matters. Forward-looking statements in this press release or that may be made
during our conference call may include, but are not limited to, statements or inferences about the Company's or management's beliefs
or expectations, the Company's anticipated future revenues and earnings, the strength of the Company's market position and business
model, industry outlook, the impact of the COVID-19 pandemic on the Company&rsquo;s business, the Company's business strategy,
the positioning of the Company for growth, the market demand and opportunity for the Company's current products, or products it
is developing or intends to develop, and the Company's plans, objectives and intentions that are not historical facts. These statements
involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements
to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Investors should note that many factors, as more fully described under the caption &ldquo;Risk Factors&rdquo; in our Form 10-K,
including our Form 10-K for the year ended December 31, 2019, and subsequent Form 10-Q and Form 8-K filings with the Securities
and Exchange Commission and as otherwise enumerated herein or therein may cause the Company's actual results to differ materially
from those in the forward-looking statements. The forward-looking statements in this press release are qualified by these risk
factors. The Company's results may also be affected by factors of which the Company is not currently aware. The Company may not
update these forward-looking statements, even though its situation may change in the future, unless it has obligations under the
federal securities laws to update and disclose material developments related to previously disclosed information.</font></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt"><font style="background-color: white"><b>Investor Contact</b></font></p>

<p style="margin: 0pt 0; font-size: 10pt"><font style="background-color: white">Michael Rossi</font></p>

<p style="margin: 0pt 0; font-size: 10pt"><font style="background-color: white">Chief Financial Officer</font></p>

<p style="margin: 0pt 0; font-size: 10pt"><font style="background-color: white">(508) 893-8999</font></p>

<p style="margin: 0pt 0; font-size: 10pt"><font style="background-color: white">mrossi@harvardbioscience.com</font></p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="text-align: right; margin: 0pt 0; font-size: 10pt">4</p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 100%"><div style="font-size: 1pt; border-top: Black 4pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="margin: 0pt 0; text-align: right; font-size: 10pt"></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X  02D9)1@ ! 0$ > !X  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1"  U (H# 2(  A$! Q$!_\0
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M_C62UVU.J494W::L_/0OT5#;WEO=9\B>.;_KFX;^534$A1110 4444 %%%%
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H5PHHHI%!1110 4444 %%%% !1110 4444 %%%% !1110 4444 ?_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
