"We've been judicious about raising our capital, carefully avoiding re-set options, convertibles, and other toxic methods that can destroy shareholder values."
ALBUQUERQUE, N.M.--Manhattan Scientifics, Inc. (OTCQB:MHTX) (the “Company”) has completed a $2.0 million equity raise. Details of the raise are available in the Company’s November 18th 8K filing with the SEC. The proceeds will primarily be used to fund the advancement, demonstration and validation of its MRX cancer diagnostic technology under development by its subsidiary, Senior Scientific, LLC.
Earlier this year, a poster presented at the World Molecular Imaging Conference by John D. Hazle, PhD of the MD Anderson Cancer Center, noted Senior Scientific’s MRX technology “is unparalleled in terms of sensitivity compared to imaging-based ovarian cancer detection methods” and that “it holds promise for detecting ovarian cancer much earlier.” The poster also noted that “because the technology relies on nano particles (NPs) binding to specific cancer cells and is detecting molecular markers, presumably only cancer will be detected with this technology while unbound particles in the vascular space will not be.” Further, the advantage of nanomagnetic relaxometry compared to some imaging–based technologies was highlighted as it holds “promise for detecting ovarian cancer much earlier, which is crucial to increasing survivorship.”
The Company plans to initiate construction of a human-size clinical MRX machine in 2015, which would precede submissions to the Food and Drug Administration (FDA).
CEO Manny Tsoupanarias of Manhattan Scientifics, said, “This capital will largely be invested in the important technology research at our subsidiary Senior Scientific LLC. Our developments to date are keeping us focused on scientifically proving that our MRX technology holds the potential to be a significant new tool in the fight against cancer.”
"Our goal is to license our technology to large industrial partners; accordingly we are not capital intense. $2.0 million goes a long way with us because we are neither a manufacturer nor distributor and we are not burdened with large overhead,” said Marvin Maslow, the Company's founder. "We've been judicious about raising our capital, carefully avoiding re-set options, convertibles, and other toxic methods that can destroy shareholder values."
Manhattan Scientifics Inc. is located in New Mexico, New York and Montreal. It is focused on technology transfer and commercialization of transformative technologies in the nano medicine space. The company is presently developing commercial medical prosthetics applications for its ultra-fine grain metals and plans to commercialize the cancer research work and nano medical applications developed by Senior Scientific LLC, a unit of the Company.
This press release contains forward-looking statements, which are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. Management at Manhattan Scientifics believes that purchase of its shares should be considered to be at the high end of the risk spectrum. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements.