Shareholders of Harris & Harris Group, Inc., may be interested to note that for the six months ended June 30, 2005, NeuroMetrix, Inc. (Nasdaq: NURO), reported its revenues rose by 103 percent to $14.9 million. For the quarter ended June 30, 2005, total revenues increased by 88 percent from $4.3 million to $8.1 million. The net loss for the six months ended June 30, 2005, was ($636,500) versus a net loss of ($2,075,900) for the same period of 2004. For the quarter ended June 30, 2005, it reported a net loss of ($40,100) as compared with a net loss of ($1,295,900) in the same period of 2004. For the six months ended June 30, 2005, the gross profit margin was 73.7 percent versus 72.7 percent for the six months ended June 30, 2004. The gross profit margin for the quarter ended June 30, 2005, was 74.1 percent, versus 72.8 percent a year ago.
NeuroMetrix manufactures and sells the patented NC-stat device.
Harris & Harris Group was the seed investor in NeuroMetrix and owns 1,137,570 of its common shares. Charles E. Harris, the Chairman and CEO of Harris & Harris Group, is a former director of NeuroMetrix. NeuroMetrix is the last remaining significant non-tiny technology investment of Harris & Harris Group.
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 24 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, Inc. and its holdings can be found on its website at http://www.TinyTechVC.com.
This news 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 news release. Please see the Company's Annual Report on Form 10-K 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. The reference to the website www.TinyTechVC.com has been provided as a convenience, and the information contained on such website is not incorporated by reference into this news release.