Harris & Harris Group, Inc., noted today that NEUROMetrix, Inc., has priced its initial public offering (IPO) of 3,000,000 shares of common stock at $8.00 per share. In 1996, Harris & Harris Group was the seed investor in NEUROMetrix, a spinout from the Harvard-M.I.T. Division of Health Science and Technology. Harris & Harris Group is the second largest investor in NEUROMetrix, as the owner of 1,137,570 shares of its common stock. Charles E. Harris, the Chairman and CEO of Harris & Harris Group, serves as a director of NEUROMetrix.
At June 30, 2004, the most recent date on which Harris & Harris Group valued its investment, NEUROMetrix was Harris & Harris Group's most highly valued holding at $6,825,426. Harris & Harris Group's historical cost in NEUROMetrix is $4,411,382.
NEUROMetrix is Harris & Harris Group's last remaining significant non-tiny technology venture capital holding. Once NEUROMetrix's IPO is complete, NEUROMetrix will no longer be classified as a venture capital holding, and approximately 94 percent of Harris & Harris Group's venture capital portfolio holdings will be in tiny technology-enabled companies.
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.
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