Nanotechnology Now

Our NanoNews Digest Sponsors


Heifer International

Wikipedia Affiliate Button

Home > Press > Harris & Harris Group Notes Receipt of Funds Held in Escrow From Sale of BioVex

Abstract:
Harris & Harris Group, Inc. (Nasdaq:TINY) notes that it has received payment of its portion of the proceeds from Amgen, Inc.'s acquisition of BioVex Group, Inc., held in escrow since the close of the transaction on March 4, 2011, of approximately $953,000. This payment brings the total gross proceeds received from this sale to approximately $8.7 million. Prior to the sale, the cost basis of our investment in BioVex was approximately $4 million. As of December 31, 2011, the funds held in escrow were valued at $476,593.

Harris & Harris Group Notes Receipt of Funds Held in Escrow From Sale of BioVex

New York, NY | Posted on March 19th, 2012

Under the terms of the sale, former shareholders of BioVex are also entitled to payments from Amgen upon achievement of certain regulatory and sales milestones. As of December 31, 2011, we valued our rights to future potential milestone payments at $3,362,791. If all the remaining milestone payments were to be paid by Amgen, we would receive $9,526,393. As of December 31, 2011, we had not received any milestone payments, and there can be no assurances as to how much of this amount we will ultimately realize in the future, or when, if at all.

####

About Harris & Harris Group, Inc.
Harris & Harris Group is an early-stage, active investor in transformative nanotechnology companies. 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 reference to the website www.HHVC.com has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.

For more information, please click here

Contacts:
Harris & Harris Group, Inc.
1450 Broadway, 24th Floor
New
York, NY 10018
Contact: Douglas W. Jamison

Copyright © Harris & Harris Group, Inc.

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

New theory could lead to new generation of energy friendly optoelectronics: Researchers at Queen's University Belfast and ETH Zurich, Switzerland, have created a new theoretical framework which could help physicists and device engineers design better optoelectronics August 23rd, 2016

New flexible material can make any window 'smart' August 23rd, 2016

University of Puerto Rico and NASA back in the news XEI reports August 23rd, 2016

Nanoparticles that speed blood clotting may someday save lives August 23rd, 2016

VC/Funding/Angel financing/Loans/Leases/Crowdfunding

Carbodeon Ltd Oy Closes EUR 1.5 million Funding Round From Straightforward Capital: Carbodeon will accelerate its nanodiamonds business and expand manufacturing capacity August 21st, 2016

Leading Advanced Materials Manufacturer Pixelligent Closes $10.4 Million in Funding: Capital Will Boost Capacity for North American Manufacturing, Drive Asian Expansion, and Continue Innovation in Solid State Lighting and OLED Display Applications August 16th, 2016

Harris & Harris Group to Host a Shareholder Update Call, Including a Presentation by One of Its Precision Health and Medicine Portfolio Companies, Muses Labs, Inc., on August 23, 2016 August 16th, 2016

NanoLabNL boosts quality of research facilities as Dutch Toekomstfonds invests firmly June 10th, 2016

Investments/IPO's/Splits

Industrial Nanotech, Inc. Provides Shareholder Update August 22nd, 2016

Carbodeon Ltd Oy Closes EUR 1.5 million Funding Round From Straightforward Capital: Carbodeon will accelerate its nanodiamonds business and expand manufacturing capacity August 21st, 2016

Leading Advanced Materials Manufacturer Pixelligent Closes $10.4 Million in Funding: Capital Will Boost Capacity for North American Manufacturing, Drive Asian Expansion, and Continue Innovation in Solid State Lighting and OLED Display Applications August 16th, 2016

Harris & Harris Group to Host a Shareholder Update Call, Including a Presentation by One of Its Precision Health and Medicine Portfolio Companies, Muses Labs, Inc., on August 23, 2016 August 16th, 2016

Nanomedicine

Nanoparticles that speed blood clotting may someday save lives August 23rd, 2016

A new way to display the 3-D structure of molecules: Metal-organic frameworks provide a new platform for solving the structure of hard-to-study samples August 21st, 2016

Curbing the life-long effects of traumatic brain injury August 19th, 2016

Lab team spins ginger into nanoparticles to heal inflammatory bowel disease August 19th, 2016

Announcements

New theory could lead to new generation of energy friendly optoelectronics: Researchers at Queen's University Belfast and ETH Zurich, Switzerland, have created a new theoretical framework which could help physicists and device engineers design better optoelectronics August 23rd, 2016

New flexible material can make any window 'smart' August 23rd, 2016

University of Puerto Rico and NASA back in the news XEI reports August 23rd, 2016

Nanoparticles that speed blood clotting may someday save lives August 23rd, 2016

Financial Reports

Nanometrics Reports Second Quarter 2016 Financial Results July 26th, 2016

Nanobiotix revenue for Q2 2016 July 14th, 2016

Nanometrics to Announce Second Quarter Financial Results on July 26, 2016 July 6th, 2016

Nanometrics to Announce First Quarter Financial Results on April 26, 2016 April 5th, 2016

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







Car Brands
Buy website traffic