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Historically, when we have highlighted portfolio company news that had already been publicly announced, we issued a release directly to our shareholders who have signed up on our website and to other interested parties. These releases were referred to as "news releases." When we disclosed news that we consider material that was not already publicly announced, we issued a release immediately to a news wire service as well as directly to our shareholders who have signed up on our website and to other interested parties. These releases were referred to as "press releases."
In a change to our historic practices, when information related to one of our portfolio companies is made public, rather than issuing a news release to our shareholders, we will post it on our website at the following link: www.hhvc.com/releases.cfm. Up to two times each month, we will prepare a single news release that aggregates all the publicly announced news on our portfolio companies over that period of time to distribute to shareholders in the form of a news release. We will continue our historic practice of making press releases available immediately to our shareholders in addition to releasing them through a news wire service and placing them on our website.
There was no slow down in publicly announced progress and news for Harris & Harris Group in August 2011.
We announced one new deal and one follow-on financing:
On August 15, 2011, we announced a new investment in the company HzO, Inc. HzO creates a nanoscale coating that protects electronics against damage caused by exposure to water. Additionally, the coating can repel oils, synthetic fluids, hazardous materials, dust and dirt. HzO already has a distribution partnership with ZAGG, Inc. and will begin to commercialize HzO-coated electronic devices before the end of the year. The financing release can be accessed at http://www.hhvc.com/releasedetail.cfm?ReleaseID=599321. Shareholders may also be interested in viewing a video prepared by ZAGG, Inc. for the launch of HzO's coated electronic devices at http://www.zagg.com/hzo/hzo-video.php. The video demonstrates HzO coated electronic and audio devices working while submerged in a tank of water.
On August 30, 2011, we announced a follow-on investment in Metabolon, Inc. Metabolon raised $13.1 million in a Series D round of financing with one new investor and all the existing investors participating in the financing. Harris & Harris Group invested $1.5 million in the Series D financing, bringing our total investment in Metabolon to approximately $6 million. The financing release can be accessed at http://www.metabolon.com/news/PressReleases.aspx?year=2011&open=082911#082911_span.
In addition to the financing, Metabolon had multiple publications validating its biomarker discovery platform during the month. Metabolon was part of a publication in the prestigious scientific journal, Nature, where direct functional links between a genetic variant, an intermediate metabolic trait and a disease-relevant endpoint were identified. Inclusion of these genetically determined metabotypes identified by Metabolon in the statistical analysis of pre-clinical and clinical studies could facilitate the identification of disease complications and adverse drug reactions. Metabolon published three additional study results, one for acrolein-induced lung injury and two related to kidney cancer. Details on these studies and publications can be accessed at the following websites: http://www.metabolon.com/news/PressReleases.aspx?year=2011&open=090111#090111_span, http://www.metabolon.com/news/PressReleases.aspx?year=2011&open=082311#082311_span, and http://www.metabolon.com/news/PressReleases.aspx?year=2011&open=081111#081111_span.
Several of our portfolio companies announced new partnerships or additional product developments:
Xradia, Inc. and VSG signed a joint partnership agreement for 3D imaging and analysis: http://satellite.tmcnet.com/wimax/news/2011/08/12/5702091.htm.
Nanosys, Inc. was awarded $4.8 million from the U.S. Department of Energy to refine and scale its SiNANOde materials for the automotive market. Additionally, the Nanobusiness Commercialization Association recently interviewed the CEO of Nanosys, Jason Hartlove. The DOE award can be accessed at http://www.nanosysinc.com/in_the_news/commercialization-of-high-capacity-electric-vehicle-battery-materials-by-nanosys-approved-for-by-doe-in-11-million-program/. The interview can be accessed at http://www.vincentcaprio.org/nanobusiness-interview-jason-hartlove-ceo-nanosys-nano-conference-926-27-boston.
Contour Energy Systems, Inc. announced a distribution agreement with INEC to distribute Contour's batteries in Spain and Portugal: http://research.sharebuilder.com/sharebuilder/Stock-Market/Market-News-Article?doc=358-201108010300BIZWIRE_USPRX____BW5515-1.
Bridgelux, Inc. announced a new breakthrough in increasing its industry record for lumens per watt using Gallium Nitride on Silicon. Growing Gallium Nitride on silicon rather than sapphire or silicon carbide for LED lighting could deliver a 75 percent improvement in cost over current approaches. http://bridgelux.com/media-center/press-releases/bridgelux-announces-new-breakthrough-in-gan-on-silicon-technology-for-solid-state-lighting/.
NeoPhotonics Corporation announced that it has added new products in the 40 km and 80 km versions to its SFP+ transceivers for high capacity metro network applications: http://www.eetimes.com/electronics-products/opto-electronics-products/4219648/NeoPhotonics-Adds-40km-and-80km-versions-to-SFP--transceivers-for-high-capacity-metro-network-apps.
Several of our companies collected awards and accolades.
Solazyme was named a 2012 Technology pioneer by the World Economic Forum: http://www.poten.com/NewsDetails.aspx?id=11577872. Additionally, Solazyme ranked second on the Inc. 500 list of fastest growing companies: http://www.siliconvalleywire.com/svw/2011/08/solazyme-ranks-no-2-in-inc-500-numerous-bay-area-firms-make-list.html. Sephora also published an interesting video and blog of Solazyme's Algenist product that can be viewed at the following link: http://blog.sephora.com/2011/08/sephora-fieldtrip-touring-algenists-lab.html.
Finally, Bridgelux and Metabolon were both highlighted as two of 13 start-ups with revenue under $200 million on the verge of an IPO by Fortune Magazine: http://money.cnn.com/galleries/2011/technology/1107/gallery.ipo_startups.fortune/9.html.
About Harris & Harris Group
Harris & Harris Group is a publicly traded venture capital company that invests in nanotechnology and microsystems. Detailed information about Harris & Harris Group and its holdings can be found on its website at www.HHVC.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, 2010, 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.zagg.com, www.metabolon.com, http://satellite.tmcnet.com, www.nanosysinc.com, www.vincentcaprio.org, http://research.sharebuilder.com, www.bridgelux.com, www.eetimes.com, www.poten.com, www.siliconvalleywire.com, http://blog.sephora.com, and www.money.cnn.com have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this news release. Harris & Harris Group is not responsible for the contents of third party websites.
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