Harris & Harris Group, Inc., announced today that its unaudited gross assets and net assets were $80,757,636 and $76,505,012, respectively. Net asset value per share was $4.44.
Gross assets, net assets and net asset value per share increased during the quarter, reflecting both a successful follow-on offering of the Company's shares and a successful initial public offering (IPO) of one of the Company's portfolio companies, NeuroMetrix, Inc. (Nasdaq: NURO). In the Company's oversubscribed follow-on offering, underwritten by ThinkEquity Partners and Punk, Ziegel & Company, the Company sold 3,450,000 of its shares at $11.25 per share, for net proceeds after underwriting discount and expenses of $36,127,675, resulting in an increase in net asset value of $1.52 per share. In NeuroMetrix's oversubscribed IPO, underwritten by Punk, Ziegel & Company and WR Hambrecht + Co., NeuroMetrix sold 3,450,000 of its shares at $8.00 per share.
At September 30, 2004, Harris & Harris Group valued its 1,137,570 shares of NeuroMetrix at $8.79, a 12.11 percent discount to its closing price on NASDAQ on that day. This discount reflects a lock-up of the Company's shares that expires on January 18, 2005. Prior to NeuroMetrix's IPO, Harris & Harris Group had valued its shares at $6.00 per share.
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 17 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.
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