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Amgen to Acquire BioVex

Posted January 25, 2011

* Amgen to Acquire BioVex
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* ArcLight Capital Partners Raises $382.7M - cbl
* Emancipation Capital Owns 6% of SoundBite Communications - cbl
* Q1 Labs Appoints Brian Cohen CFO

NEW YORK -- Harris & Harris Group, Inc. (Nasdaq:TINY) notes that Amgen 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 OncoVEX, 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.