NEW YORK--Manhattan Scientifics Inc. announced today that equity capital to retire $2.0M of the $2.5M debt was raised by Manhattan Scientifics' subsidiary, Imagion Biosystems. The remaining $500,000 debt, currently guaranteed to the lender by Manhattan Scientifics, is scheduled to convert into Imagion Biosystems equity concurrent with its planned IPO this Spring/Summer.
Details to follow.
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.