NEW YORK, July 29, 2014 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (Nasdaq:TINY), an investor in transformative companies enabled by disruptive science, today announced that it is one of the founding investors in the expansion of Accelerator Corporation, an investment vehicle for emerging biotechnology companies, into New York City. Accelerator is the result of collaboration between a consortium of top-tier venture capital and corporate investors, scientific thought leaders, and executive managers who will identify, finance and manage the development of a select group of early stage biotechnology companies. As part of its participation, Harris & Harris Group Managing Director Misti Ushio, Ph.D., will join the board of Accelerator in New York City.
Corporate participants in Accelerator's New York City operations include Johnson & Johnson Development Company, Pfizer Inc., and Eli Lily and Company. Harris & Harris Group is joined by several additional investors, including ARCH Venture Capital, Alexandria Real Estate Equities, Inc., and The Partnership Fund for New York City, all of which are private entities. In New York City, Accelerator is starting with an aggregate $30 million financial commitment from its investors.
Doug Jamison, chief executive officer of Harris & Harris Group, said, "Harris & Harris Group has a strong history of investing in and building new companies. Getting involved in Accelerator is an exciting new opportunity to further advance our participation in the promise of innovative new life sciences companies at an early stage."
In addition to funding, Accelerator provides a turnkey solution for early-stage biotech companies, including access to state-of-the-art facilities and office space, experienced startup management, and scientific and technical expertise and support. By providing all of the critical resources needed in one place, Accelerator fast tracks researchers to achieve their milestones and vision.
Ushio added, "For years, New York City has been home to many research hospitals, universities and other organizations that are developing important life sciences breakthroughs. However, because of a lack of dedicated resources, many feel they cannot build their businesses here. Leveraging its success in other cities, the innovative Accelerator program will enable these companies to remain in New York, where they will get the infrastructure, managerial talent and financial support they need to develop their businesses."
About Harris & Harris Group
Harris & Harris Group, Inc. is a publicly traded venture capital firm that is also a business development company. Detailed information about Harris & Harris Group and its holdings can be found on its website at www.HHVC.com and by following on Facebook at www.facebook.com/harrisharrisvc and on Twitter @harrisandharrisgroup.
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Source:Harris & Harris Group