NEW YORK--Manhattan Scientifics Inc., is pleased to announce that the company has completed an exclusive license and transfer of specialty machines to a large American metals manufacturer who provides specialty metals to the U.S. and global medical industry. The proprietary technology is designed to substantially improve and strengthen the bonding of medical prosthetics to human bone.
The global prosthetics and orthotics market size is estimated at $8.15 billion. The Company’s client serves multiple markets including vascular therapy, cardiac rhythm management, endoscopy, orthopedics, dental, and neuromodulation. FDA approval has been granted for use of these new alloys in its initial dental application.
The transaction involves 7-figure payments to the Company staged over a 4 year period, in addition to royalty payments on sales made.
Manhattan Scientifics is a technology developer working closely with the Los Alamos National Laboratory. The company is dedicated to commercializing disruptive technologies. Previously, its founder, Marvin Maslow, working closely with U.S. Dept of Defense, DARPA, financed and commercialized the development of HDTV.
Mr. Maslow, Manhattan’s Founder and Chairman said, “Our Company is focused on commercializing nanotechnologies. Our nanometals are 'new' and early in development. They have yet to be proven practical for large scale commercial use. We’ve placed them in very strong hands, with skilled manufacturing and an extensive sales and marketing team calling on the medical industry.”
Manny Tsoupanarias, CEO, added, “One year ago we spun out our 2nd nanotechnology, an early cancer diagnostic and took it public on the Australian Stock Exchange (IBX.AX). Manhattan Scientifics owns 64 million shares of IBX. Our goal is to create wealth for our 5,000 shareholders and to follow with a large acquisition and to up-list to the NASDAQ exchange. The cancer diagnostic company Imagion Biosystems, is 'partnered' with M.D. Anderson Cancer Center, Houston.”
Manhattan Scientifics Inc. (www.mhtx.com) is focused on commercialization of disruptive technologies in the nano medicine space.
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.