Shareholders of Harris & Harris Group, Inc., may be interested to note that for the nine months ended September 30, 2005, NeuroMetrix, Inc. (Nasdaq: NURO), reported its revenues rose by 97 percent to $24 million from the same period in 2004. For the quarter ended September 30, 2005, total revenues increased by 89 percent from $4.8 million to $9.1 million. The loss from operations for the nine months ended September 30, 2005, was ($445,000) versus a loss from operations of ($2,559,000) for the same period of 2004. For the quarter ended September 30, 2005, NURO reported net income of $769,000, as compared with a net loss of ($1,373,000) for the same period of 2004. For the nine months ended September 30, 2005, the gross margin percentage was 74.0 percent versus 72.9 percent of revenues for the nine months ended September 30, 2004. The gross margin for the quarter ended September 30, 2005, was 74.6 percent of revenues, versus 73.2 percent a year ago.
NeuroMetrix manufactures and sells the patented NC-stat device.
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 former director of NeuroMetrix. NeuroMetrix is the last remaining significant non-tiny technology investment of Harris & Harris Group.
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 news 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 news 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 news release.