SOLESENCE, INC. — Director's Dealing 2008

Sep 2, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NANOPHASE TECHNOLOGIES CORPORATION (NANX)
CIK: 0000883107
Period of Report: 2008-08-28

Reporting Person: WHITMORE BRADFORD T (10% Owner)
Reporting Person: SPURGEON CORP (10% Owner)
Reporting Person: GRACE BROTHERS LTD (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-08-28	Common Stock	P	10929	$1.83	Acquired	4772337	Indirect
2008-08-28	Common Stock	P	1616	$1.84	Acquired	4773953	Indirect
2008-08-28	Common Stock	P	3100	$1.85	Acquired	4777053	Indirect
2008-08-28	Common Stock	P	5700	$1.87	Acquired	4782753	Indirect
2008-08-29	Common Stock	P	700	$1.77	Acquired	4783453	Indirect
2008-08-29	Common Stock	P	4600	$1.79	Acquired	4788053	Indirect
2008-09-02	Common Stock	P	1800	$1.81	Acquired	4789853	Indirect
2008-09-02	Common Stock	P	6500	$1.82	Acquired	4796353	Indirect
2008-09-02	Common Stock	P	5300	$1.83	Acquired	4801653	Indirect

Footnotes

F1: As General Partner of Grace Brothers, Ltd. which owns 4,228,841 shares (after purchases through September 2, 2008) and as General Partner of Grace Investments, Ltd. which owns 300,000 shares, Bradford T. Whitmore is an indirect beneficial owner. As General Partner of Grace Brothers, Ltd. and as General Partner of Grace Investments, Ltd., Spurgeon Corporation is an indirect beneficial owner.

F2: Bradford T. Whitmore directly owns 272,812 shares of common stock.