"This non-dilutive cash infusion and improvements to our balance sheet in both cash and net assets are extremely welcomed and further solidify our ability to achieve the goals we have set for ourselves and our shareholders"
NEW YORK--Manhattan Scientifics, Inc. has reacquired all rights in its nano-structured metals technology from its former Licensee whose strategic corporate priorities had changed. The agreement includes a one-time payment to Manhattan of $8 million, the assignment to Manhattan of all related IP and the transfer of ownership of various ECAP machinery and equipment used in the manufacturing process of nano-structured metals. The additional non-cash value of this transaction exceeds $10 million.
Manhattan has successfully demonstrated the viability and economic importance of this technology as applied to most metals and is pursuing several medical and industrial applications through strategic relationships.
These additional resources will enable the company to accelerate the activities of its Senior Scientifics subsidiary, which is engaged in the development and independent testing of its NanoMRX technology for the very early detection of cancer. A validation study is currently underway at MD Anderson Cancer Center in Houston, Texas.
“This non-dilutive cash infusion and improvements to our balance sheet in both cash and net assets are extremely welcomed and further solidify our ability to achieve the goals we have set for ourselves and our shareholders,” said Manny Tsoupanarias, CEO.
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.