Harris & Harris Group, Inc., announced today that it has invested $2,500,000 as part of an $8 million Series B financing in Durham, North Carolina-based Metabolon, Inc.
Harris & Harris Group joins existing investors Aurora Funds, Sevin Rosen Funds and the Trelys Funds.
Metabolon is focused on the discovery of biomarkers through the use of metabolomics, a scientific approach for the discovery and development of drugs and the early diagnosis of disease states. Metabolon's metabolomic technology affects drug discovery and development processes by measuring the spectrum of biochemical changes and mapping these changes to metabolic pathways. The technology has the potential to identify safer compounds for development, shorten the time for drugs to get to market and identify novel biomarkers for earlier disease detection. Metabolon is currently servicing the pharma industry with its validated metabolomics technology.
Harris & Harris Group is a publicly traded venture capital company that makes initial investments exclusively in tiny technology, including nanotechnology, microsystems and microelectromechanical systems (MEMS). The Company's last 26 initial private equity investments have been in tiny technology-enabled companies.
Detailed information about Harris & Harris Group, Inc. and its holdings can be found on its website at http://www.TinyTechVC.com.
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business, including but not limited to the risks and uncertainties associated with venture capital investing and other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, Harris & Harris Group, Inc., undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The reference to the website www.TinyTechVC.com has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.