Harris & Harris Group, Inc. noted that, after the close of business yesterday, NEUROMetrix, Inc., filed an S-1 Registration Statement to sell shares of common stock. The proposed offering is to be underwritten Punk, Ziegel & Company, L.P.
This press release by Harris & Harris Group, Inc., does not constitute an offering, which will be made only by the prospectus.
Harris & Harris Group is the second largest shareholder in NEUROMetrix, with a 12.42% fully diluted interest in NEUROMetrix prior to the offering. In 1996, Harris & Harris Group was the seed investor, with a $210,000 investment, in NEUROMetrix, a spinoff from the Harvard-M.I.T. Division of Health Sciences and Technology. In early 2004, as part of a $10 million round of private venture capital financing in NEUROMetrix, Harris & Harris Group invested an additional $1,750,000 in NEUROMetrix, bringing Harris & Harris Group's total cumulative investment in NEUROMetrix to $4,411,000.
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 15 initial private equity investments have been in tiny-technology enabled companies. NEUROMetrix, Inc., is not a tiny technology company. 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.