Harris & Harris Group, Inc. announced today that it has invested $525,900 as part of a convertible preferred financing of privately held Chlorogen, Inc. (www.chlorogen.com). Shareholders of Harris & Harris Group may be interested in reading the Chlorogen press release dated August 6, 2003 for more details. Investors in this financing include Burrill & Company, Redmont Venture Partners and Prolog Venture Partners.
Chlorogen, Inc. is focused on developing plant-made drugs and vaccines for the treatment and prevention of human diseases. Its patented chloroplast technology permits the expression of foreign proteins only within plant chloroplasts. According to Chlorogen, this provides two significant benefits. First, the chloroplast technology dramatically enhances the protein production of a cell. Second, because chloroplast DNA is not inherited through pollen, Chlorogen's technology can prevent foreign genes from being transferred to other crops through pollen. Chlorogen's initial focus will be on developing pharmaceutical proteins in tobacco.
Harris & Harris Group is a publicly traded venture capital company that now makes initial investments exclusively in tiny technology, including nanotechnology, microsystems, microelectromechanical systems (MEMS). The Company's last 12 initial private equity investments have been in tiny-technology enabled companies.
Harris & Harris Group, Inc. is a Business Development Company with 11,498,845 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 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.