Attached files
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| 8-K - 180 DEGREE CAPITAL CORP. /NY/ | v208818_8k.htm |
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PRESS
RELEASE
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FOR
IMMEDIATE RELEASE
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|
HARRIS
& HARRIS GROUP, INC.
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JANUARY
24, 2011
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1450
BROADWAY, 24th
FLOOR
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NEW
YORK, NY 10018
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CONTACT:
DOUGLAS W. JAMISON
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TEL.
NO. (212) 582-0900
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AMGEN
TO ACQUIRE BIOVEX
Harris
& Harris Group, Inc. (NASDAQ: TINY) notes that Amgen (NASDAQ: AMGN) and
BioVex Group, Inc., today announced that the companies have entered into a
definitive acquisition agreement under which Amgen has agreed to acquire BioVex
Group, a privately held, venture-funded, biotechnology company
headquartered in Woburn, Mass. BioVex Group is
developing OncoVEXGM-CSF, a novel oncolytic vaccine in Phase 3 clinical development,
that may represent a new
approach to treating melanoma and head and neck cancer.
Under
terms of the agreement, Amgen will pay up to $1 billion: $425 million in cash at
closing and up to $575 million in additional payments upon the achievement of
certain regulatory and sales milestones. The transaction has been approved
by the boards of directors of each company. It is subject to
customary closing conditions, including regulatory approvals, and is expected to
close in the first quarter of 2011.
Following
the completion of the transaction, BioVex Group will become a wholly owned
subsidiary of Amgen.
Harris
& Harris Group is an investor in privately held BioVex
Group. Harris & Harris Group made its initial investment in
BioVex Group in September 2007.
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
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, 2009, 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.