Harris & Harris Group Notes Announcement by Champions Oncology of $9.3 Million
NEW YORK, Jan. 31, 2013 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc.
(Nasdaq:TINY), an early-stage, active investor in transformative
nanotechnology companies, notes the announcement by Champions Oncology, Inc.
that it raised $9.3 million in a private placement to existing and new
investors at $0.50 per share. The investors were Battery Ventures IX, L.P.,
PAR Investment Partners, L.P., Harris & Harris Group, Inc., and members of the
Company's management team.Harris & Harris Group invested $200,000 in the
financing.Proceeds from the financing will be used to grow the TumorGraft™
bank to support the current Translational Oncology Solutions business and
future biomarker development efforts, continue to build the senior management
team, initiate a validation study for the Personalized Oncology Solutions
business and general corporate purposes. Champions' press release may be
"It is clear that innovation in the life sciences arena is critical over the
coming decades to address important healthcare needs," said Douglas W.
Jamison, Chief Executive Officer of Harris & Harris Group. "The
predictability of Champions' TumorGraft technology platform may accelerate the
timeline of getting important new personalized oncology products to market."
Champions Oncology, Inc., is engaged in the development of advanced technology
solutions and services to personalize the development and use of oncology
drugs.Champions' TumorGraft Technology Platform is a novel approach to
personalizing cancer care based upon the implantation of primary human tumors
in immune deficient mice followed by propagation of the TumorGrafts in a
manner that preserves the biological characteristics in order to determine the
efficacy of a treatment regimen.Champions uses this technology to offer
solutions for Personalized Oncology Solutions, which guides the development of
personalized treatment plans, and Translational Oncology Solutions, which
assists pharmaceutical and biotechnology companies seeking personalized
approaches to drug development to lower the cost and increase the speed of
Detailed information about Harris & Harris Group and its holdings can be found
on its website at www.HHVC.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, 2011, as well as subsequent filings, 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, the Company
undertakes no obligation to update or revise these forward-looking statements
to reflect new events or uncertainties.The references to the websites
www.HHVC.com and www.equities.comhave been provided as a convenience, and the
information contained on such websites is not incorporated by reference into
this press release.Harris & Harris Group is not responsible for the contents
of third party websites.
CONTACT: DOUGLAS W. JAMISON
TEL. NO. (212) 582-0900
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