Harris & Harris Group, Inc., announced today that it has invested $960,000 in the first tranche of a $19.4 million total Series B financing in privately held Kereos, Inc. Upon the attainment by Kereos of certain milestones, Harris & Harris Group has the right to invest an additional $540,000 in Series B, which would increase its total investment in Kereos to $1.5 million. Additional investors in the Series B financing include Prolog Ventures, Triathlon Medical Ventures, Charter Life Sciences, RiverVest Ventures, MB Venture Partners, Lux Ventures, Alafi Capital, Genentech and Philips Medical Systems.
Kereos develops products designed to provide more effective detection and treatment of cancer. The first two of its products are expected to enter clinical trials for solid tumors in 2006. The company's proprietary technology pairs diagnosis and therapy by targeting imaging agents or therapeutics specifically to the disease site. The company's targeted imaging agents allow more accurate and sensitive imaging, and its targeted chemotherapeutics deliver potent and precise therapy. In addition to advancing its internal pipeline, Kereos has formed partnerships with leading pharmaceutical and imaging companies, including Bristol-Myers Squibb Medical Imaging and Philips Medical Systems for the development and commercialization of cardiovascular disease magnetic resonance imaging (MRI) agents and the development of molecular imaging systems, respectively.
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 20,756,345 shares of common stock 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 for the fiscal year ended December 31, 2004, 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 press release.