Harris & Harris Group, Inc., noted today that Pfizer Inc. (NYSE: PFE) has announced that it has received FDA approval to market Lyrica for the management of neuropathic pain associated with diabetic peripheral neuropathy (DPN) and postherpetic neuralgia. In September, Eli Lilly's (NYSE: LLY) drug, Cymbalta, had become the first drug approved to treat pain associated with DPN. As of yet, no drug has been approved to actually treat the nerve damage caused by DPN, although several are in phase II trials, and one is in phase III.
Harris & Harris Group's largest single investment is in NeuroMetrix, Inc. (NASDAQ: NURO), in which it was the seed investor and now owns 1,137,570 shares of common stock. NeuroMetrix's only product, the NC Stat, can, among other applications, confirm a diagnosis of DPN in primary care physicians' offices.
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 20 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.
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 new release. Please see the Company's Annual Report on Form 10-K 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.