SOLESENCE, INC. — Director's Dealing 2008

Feb 25, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NANOPHASE TECHNOLOGIES CORPORATION (NANX)
CIK: 0000883107
Period of Report: 2008-02-21

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
2008-02-21	Common Stock	P	1200	$3.18	Acquired	3860194	Indirect
2008-02-21	Common Stock	P	4700	$3.2	Acquired	3864894	Indirect
2008-02-22	Common Stock	P	18231	$3.17	Acquired	3883125	Indirect
2008-02-22	Common Stock	P	9000	$3.18	Acquired	3892125	Indirect
2008-02-22	Common Stock	P	2601	$3.25	Acquired	3894726	Indirect
2008-02-22	Common Stock	P	200	$3.26	Acquired	3894926	Indirect
2008-02-22	Common Stock	P	600	$3.27	Acquired	3895526	Indirect
2008-02-25	Common Stock	P	100	$3.31	Acquired	3895626	Indirect
2008-02-25	Common Stock	P	2100	$3.32	Acquired	3897726	Indirect
2008-02-25	Common Stock	P	1600	$3.33	Acquired	3899326	Indirect
2008-02-25	Common Stock	P	644	$3.34	Acquired	3899970	Indirect
2008-02-25	Common Stock	P	1100	$3.35	Acquired	3901070	Indirect

Footnotes

F1: As General Partner of Grace Brothers, Ltd. which owns 3,328,258 shares (after purchases through February 25, 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.