HARVARD BIOSCIENCE INC — Director's Dealing 2008

May 20, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HARVARD BIOSCIENCE INC (HBIO)
CIK: 0001123494
Period of Report: 2008-05-16

Reporting Person: Skystone Advisors LLC (10% Owner)
Reporting Person: Nelson Kerry (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-05-16	Common Stock	S	1000000	$5.00	Disposed	3759937	Indirect

Footnotes

F1: Shares reported herein represent shares held by HSO Limited Partnership and HSE Master Fund Limited Partnership. Skystone
Advisors LLC is the investment member of the general partner of HSO Limited Partnership and the general partner of HSE
Master Fund Limited Partnership. Ms. Nelson is the managing member of Skystone Advisors LLC. Each of Ms. Nelson and
Skystone Advisors LLC disclaims beneficial ownership of the shares reported herein, except to the extent of its or her
pecuniary interest therein, and the inclusion of the shares reported herein shall not be deemed an admission of beneficial
ownership of such shares for purposes of Section 16 or for any other purpose.

F2: The Reporting Persons' sale of HBIO common stock reported herein was matchable under Section 16(b) of the Securities Exchange
Act of 1934, as amended, to the extent of 20,703 shares, with the reporting persons' purchases of 7,164 shares, 9,177 shares
and 4,362 shares of HBIO common stock on November 19, 2007, November 20, 2007 and December 31, 2007, respectively (the
"Purchases"). The Reporting Persons have agreed to pay to HBIO the full amount of the profit realized in connection with the
short-swing transactions, less transaction costs, and less amounts previously paid to HBIO by the Reporting Persons in
connection with a previously disclosed transaction matchable against the Purchase on November 19, 2007.