SOLESENCE, INC. — Director's Dealing 2008

Aug 1, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NANOPHASE TECHNOLOGIES CORPORATION (NANX)
CIK: 0000883107
Period of Report: 2008-07-30

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
2008-07-30	Common Stock	P	17200	$1.8913	Acquired	4637051	Indirect
2008-07-31	Common Stock	P	400	$1.91	Acquired	4637451	Indirect
2008-08-01	Common Stock	P	7600	$2.0092	Acquired	4645051	Indirect

Footnotes

F1: As General Partner of Grace Brothers, Ltd. which owns 4,072,239 shares (after purchases through August 1, 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.

F3: The reported price in column 4 is a weighted average purchase price. The prices actually received range from $1.85 to $1.94. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares purchased at each price within the range.

F4: The reported price in Column 4 is a weighted average purchase price. The prices actually received range from $1.98 to $2.01. The reporting person will provide to the issuer, any securtiy holder of the issuer, or the SEC staff, upon request, information regarding the number of shares purchased at each price within the range.