Harris & Harris Group Notes Metabolon's Closing on a $15 Million Series E
NEW YORK, Jan. 6, 2014 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc.
(Nasdaq:TINY), an investor in transformative companies enabled by disruptive
science, notes the close of Metabolon's $15 million Series E financing.
Metabolon is a metabolomics-based diagnostic tests and research services
company based in Research Triangle Park, NC.Two new investors, Camden
Partners and Sumitomo Corporation, joined existing investors in the Series E
financing.Harris & Harris Group invested approximately $1.25 million,
bringing its cumulative investment in Metabolon to $7.225 million.
Proceeds will support the recent launch by Metabolon's partner, Bostwick
Laboratories, of Prostarix™, a urine-based test that provides important
metabolic information on the likelihood that a patient with slightly elevated
PSA scores has prostate cancer, thus confirming the need to proceed to biopsy.
The funds will also be used for the continued development of Quantose™ IGT,
Metabolon's surrogate test for oral glucose tolerance, as well as its test for
the recurrence of bladder cancer.
"Metabolon is a rapidly growing, late-stage company in our portfolio," said
Douglas Jamison, CEO of Harris & Harris Group. "As an early investor, we are
pleased to see Metabolon's revenue continuing to increase and the company
continuing to introduce and partner new diagnostic tests for diabetes and
cancer. We believe this over-subscribed, late-stage, private financing is a
prelude of good things to come for Metabolon."
Metabolon's press release may be viewed at
Detailed information about Harris & Harris Group and its holdings can be found
on its website at www.HHVC.com and on Facebook at
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, 2012, 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, www.Facebook.com, and www.metabolon.com have 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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