Manhattan Scientifics Completes $2.0 Million Equity Raise
22 November 2014 - 1:00AM
Business Wire
Proceeds to Accelerate Work on MRX Early Cancer
Detection Technology
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."
About Manhattan Scientifics, Inc.
Manhattan Scientifics, Inc. (www.mhtx.com) 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.
Forward-looking statement
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.
Manhattan Scientifics, Inc. PR & IRMarvin Maslow,
917-923-3300marvin@mhtx.comorCorporate Advisory/PRDian
Griesel Int’l.:Susan Forman,
212-825-3210sforman@dgicomm.comorFastnet Advisors:Anthony Furey,
631-665-1234mtfurey@fastnetadvisors.comorHawk Associates:Frank
Hawkins, 305-451-1888f.hawkins@hawkassociates.comorEuropean
Contact:Herbert Strauss, +43-316-296-316herbert "at"
eu-ir.com
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