Harris & Harris Group, Inc. announced today that it has invested $1.75 million as part of a $10 million follow-on placement of convertible preferred stock by privately held NeuroMetrix, Inc. (www.neurometrix.com). Harris & Harris Group was the seed investor in NeuroMetrix in 1996 and now owns approximately a fully diluted 12 percent interest in NeuroMetrix. Harris & Harris Group is the second largest shareholder in NeuroMetrix.
NeuroMetrix designs, manufactures and sells proprietary medical devices. NeuroMetrix's core technology is focused on utilizing non-invasively obtained data from nerves and muscles to perform an array of clinical diagnostic tests to detect and monitor carpal tunnel syndrome; to evaluate common causes of lower back pain, such as sciatica, as well as other neuromuscular conditions affecting the back and legs; and to evaluate diabetic neuropathy.
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 13 initial private equity investments have been in tiny-technology enabled companies. The Company has 13,798,845 common shares outstanding.
Detailed information about Harris & Harris Group and its holdings can be found on its website at 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 and recent Prospectus 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.