Harris & Harris Group, Inc. announced today that it has invested $500,000 as part of a $9.0 million Series C Convertible Preferred financing of privately held Optiva, Inc.
Optiva is developing and commercializing a new class of nanomaterials for advanced optical applications initially for the flat panel display industry. Optiva is based in South San Francisco, California.
This investment in Optiva reflects Harris & Harris Group's decision, as announced in February, 2002, to focus our new business activities exclusively on small tech, including nanotechnology, microsystems and microelectromechanical systems (MEMS) technology. In 1994, we invested in our first small tech company, Nanophase Technologies Corporation, a spinoff from Argonne National Laboratory, which completed an initial public offering in 1997. We sold our interest in Nanophase in 2001 and invested part of the proceeds of the sale in August, 2001, in privately held Nantero, Inc., a Harvard University spinoff developing advanced semiconductors using nanotechnology. On February 12, 2002, we invested in Nanopharma Corp., a Massachusetts General Hospital spinoff founded to develop advanced drug delivery systems. On March 7, 2002, we invested in NanoOpto Corp. which is applying proprietary nano-optics and nano-manufacturing technology to design and make components for optical networking. On March 8, 2002, we invested in NeoPhotonics Corporation, a privately held company that develops patented technology that enables the manufacture of unique nanoscale optical compositions for the telecommunications industry. On May 3, 2002, we invested in Nanotechnologies, Inc., a privately held company that develops a wide variety of high-performance nanomaterials for industry.
Harris & Harris Group is a publicly traded venture capital company organized as a Business Development Company. Harris & Harris Group has 8,864,231 common shares issued and outstanding.
Detailed information about Harris & Harris Group and its holdings can also be found on its website at www.hhgp.com.
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