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Harris & Harris flesh out their 2014 results

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Harris & Harris Group, Inc. (Nasdaq:TINY), reported today that, as of December 31, 2014, its net asset value and net asset value per share were $109,654,427 and $3.51, respectively.

Key events for the three months ended December 31, 2014:

– Portfolio company D-Wave Systems, Inc., raised approximately $62 million (CAD) in new financing to continue its leadership position as the first company to bring a commercial quantum computer to the market;
– We received the first milestone payment from Amgen’s acquisition of BioVex Group, Inc., totaling approximately $2.1 million; FDA accepted a Biologics License Application by Amgen, who acquired our portfolio company BioVex, after the successful completion of its Phase III clinical trials of an important malignant melanoma treatment that may reach the market for cancer treatment in the near future;
– AgBiome LLC, an innovator in the use of microbes for agriculture, announced the participation of three of the world’s leading agribusiness companies in its Series A financing. Syngenta, Monsanto, and Novozymes have taken equity ownership positions in AgBiome;
– Mersana Therapeutics, Inc., announced that Millennium Pharmaceuticals, Inc., a wholly-owned subsidiary of Takeda Pharmaceutical Company Limited, has exercised an option to license commercial rights for its first novel Fleximer antibody-drug conjugate (ADC) developed under their collaboration announced earlier in the year. With the exercise of the commercial license, Mersana will receive a license fee and is eligible for development and regulatory milestone payments and royalties on net sales; and,
– Enumeral Biomedical Holdings, Inc., announced that it has signed an oncology-focused collaborative study agreement with Merck, known as MSD outside the United States and Canada, through a subsidiary. The collaborators will use Enumeral’s human approach to interrogate the tumor microenvironment in colorectal cancer tissues obtained directly from patients in order to identify functional cellular responses to immuno-oncology therapies being developed by Merck.

“2014 continued to move us forward towards our goals of realize, invest, partner and return. The sale of Molecular Imprints, Inc., to Canon, and the public listing of Enumeral Biomedical demonstrated two additional liquidity events in 2014. And we believe 2015 is off to a strong start with Champions Oncology, Inc., announcing a new $14 million financing, with Mersana announcing a new $35 million financing, with Nantero, Inc., announcing a new $30 million financing, and with OpGen, Inc.’s announcement of the filing of its registration statement for a proposed initial public offering,” said Doug Jamison, CEO of Harris & Harris Group, Inc. “We continue to believe 2015 will provide new liquidity events and exciting new opportunities to build transformative companies from disruptive science.”

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