Harris & Harris Group, Inc., noted that NeuroMetrix, Inc. (NASDAQ: NURO), reported its financial results today for the second quarter ended June 30, 2004. Revenues were $4.3 million, up 106 percent from the second quarter of 2003. Gross profit margins were 72.8 percent, versus 69.5 percent in the corresponding quarter of 2003. To view NeuroMetrix's press release on the web, please see [email protected]
NeuroMetrix completed its initial public offering on July 22, 2004. Harris & Harris Group was the seed investor in NeuroMetrix, owns 1,137,570 shares of its common stock and was its second largest shareholder at the time of the offering. Charles E. Harris, the Chairman of Harris & Harris Group, is a director of NeuroMetrix.
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.