Shareholders of Harris & Harris Group, Inc., may be interested to note that NeuroMetrix, Inc. (Nasdaq: NURO), released today its results for the year ended December 31, 2004. Total revenues increased by 95 percent, from $9,167,557 in 2003 to $17,920,089 in 2004. For the quarter ended December 31, total revenues increased by 101 percent, from $2,870,331 to $5,774,489. For the full year, gross margins rose from 70.5 percent in 2003 to 72.9 percent in 2004. For the fourth quarter, gross margins rose from 71.0 percent in 2003 to 72.9 percent in 2004.
Harris & Harris Group owns 1,137,570 shares of NeuroMetrix common stock, for a fully diluted 8.65 percent interest. Harris & Harris Group was the seed investor in NeuroMetrix, a spin-out from the Harvard-MIT Division of Health Sciences and Technology. Charles E. Harris, the Chairman and CEO of Harris & Harris Group, is a director of NeuroMetrix, which is the last of Harris & Harris Group's significant non-tiny technology investments.
NeuroMetrix's press release of today, and information on its conference call at 2:00 p.m. (ET) today, may be accessed on its website.
Harris & Harris Group is a publicly traded venture capital company that now makes initial investments exclusively in tiny technology, including nanotechnology, microsystems and microelectromechanical systems (MEMS). The Company's last 20 initial private equity investments have been in tiny-technology enabled companies. The Company has 17,248,845 common shares outstanding.
Detailed information about Harris & Harris Group, Inc. and its holdings can be found on its website at http://www.TinyTechVC.com.
This news 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 new 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.