SOLESENCE, INC. — Director's Dealing 2008

Jan 29, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NANOPHASE TECHNOLOGIES CORPORATION (NANX)
CIK: 0000883107
Period of Report: 2008-01-25

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
2008-01-25	Common Stock	P	1300	$3.26	Acquired	3559307	Indirect
2008-01-25	Common Stock	P	6801	$3.27	Acquired	3566108	Indirect
2008-01-25	Common Stock	P	3000	$3.28	Acquired	3569108	Indirect
2008-01-25	Common Stock	P	1500	$3.29	Acquired	3570608	Indirect
2008-01-25	Common Stock	P	100	$3.3	Acquired	3570708	Indirect
2008-01-25	Common Stock	P	9763	$3.32	Acquired	3580471	Indirect
2008-01-25	Common Stock	P	3400	$3.33	Acquired	3583871	Indirect
2008-01-25	Common Stock	P	500	$3.336	Acquired	3584371	Indirect
2008-01-25	Common Stock	P	6200	$3.34	Acquired	3590571	Indirect
2008-01-25	Common Stock	P	600	$3.3467	Acquired	3591171	Indirect
2008-01-25	Common Stock	P	2500	$3.35	Acquired	3593671	Indirect
2008-01-25	Common Stock	P	800	$3.3588	Acquired	3594471	Indirect
2008-01-25	Common Stock	P	3300	$3.36	Acquired	3597771	Indirect
2008-01-25	Common Stock	P	500	$3.366	Acquired	3598271	Indirect
2008-01-25	Common Stock	P	1800	$3.3689	Acquired	3600071	Indirect
2008-01-25	Common Stock	P	3300	$3.37	Acquired	3603371	Indirect
2008-01-25	Common Stock	P	2600	$3.38	Acquired	3605971	Indirect
2008-01-25	Common Stock	P	1100	$3.39	Acquired	3607071	Indirect
2008-01-25	Common Stock	P	3300	$3.4	Acquired	3610371	Indirect
2008-01-25	Common Stock	P	700	$3.41	Acquired	3611071	Indirect
2008-01-25	Common Stock	P	2300	$3.4196	Acquired	3613371	Indirect
2008-01-25	Common Stock	P	100	$3.42	Acquired	3613471	Indirect
2008-01-25	Common Stock	P	901	$3.43	Acquired	3614372	Indirect
2008-01-25	Common Stock	P	5300	$3.45	Acquired	3619672	Indirect
2008-01-25	Common Stock	P	200	$3.46	Acquired	3619872	Indirect
2008-01-25	Common Stock	P	2300	$3.4796	Acquired	3622172	Indirect
2008-01-25	Common Stock	P	1000	$3.49	Acquired	3623172	Indirect
2008-01-28	Common Stock	P	8100	$3.68	Acquired	3631272	Indirect
2008-01-28	Common Stock	P	2600	$3.72	Acquired	3633872	Indirect
2008-01-28	Common Stock	P	1500	$3.74	Acquired	3635372	Indirect

Footnotes

F1: As General Partner of Grace Brothers, Ltd. which owns 3,171,873 shares (after purchases through January 29, 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: A continuing Form 4 will be filed to reflect the remaining transactions.