NEUROMetrix, Inc., announced today a filing range of $10-$12 per share on its planned initial public offering of 3,000,000 common shares. The underwriters are Punk, Ziegel & Company and WR Hambrecht & Co. The Company has applied for a Nasdaq listing under the symbol: "NURO." Harris & Harris Group, Inc. owns 1,137,570 shares of NEUROMetrix and is the second largest shareholder in the company. Harris & Harris Group was the seed investor in 1996 in NEUROMetrix, a spinout from the Harvard-M.I.T. Division of Health Sciences and Technology.
NEUROMetrix designs, develops and sells equipment used to diagnose neuropathies. Neuropathies are diseases of the peripheral nerves and parts of the spine associated with diabetes, low back pain and carpal tunnel syndrome.
Harris & Harris Group's investment in NEUROMetrix predated Harris & Harris Group's exclusive focus on tiny technology in its initial investments. At June 29, 2004, the date of Harris & Harris Group's most recent valuation of its investments, Harris & Harris Group valued its holding in NEUROMetrix at $6.8 million.
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 16 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 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.