Harris & Harris Group, Inc. noted today that the U.S. Food and Drug Administration (FDA) has approved Eli Lilly's Cymbalta (duloxetine HCI) for the management of pain associated with diabetic peripheral neuropathic pain (DNP). DNP is a symptom of nerve damage that affects up to five million Americans, Eli Lilly announced yesterday. Cymbalta is the first drug specifically approved by the FDA for the management of DNP.
NEUROMetrix, Inc. (Nasdaq: NURO), manufactures and sells the NC-stat device, which we believe to be the only diagnostic device available that permits all physicians, including non-specialists, to perform non-invasive nerve conduction studies as an in-office procedure at the time of the patient's initial visit. Such nerve conduction studies may increase in frequency as this first drug to manage pain associated with DNP becomes available.
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 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.