NEW YORK--(BUSINESS WIRE)--Manhattan Scientifics Inc. (MHTX)(OTCQB: MHTX) today issued an update on the status of the company and its technologies.
The Company is a substantial owner of two Nanotechnologies.
The Company incubated, spun out and IPO'd its Early Cancer Detection diagnostic (IBX.AX) following investments of some $30M including $7.5M from the n.i.h. and proceeds of its IPO.
The groundbreaking diagnostic nanotechnology is expected to identify and pinpoint cancers years earlier than other methods, working in concert with M. D. Anderson Cancer Center, Houston.
Manhattan Scientifics owns 64 million IBX shares and will consider dividending part or all of these to MHTX shareholders under certain circumstances.
The Company's other nanotechnology dramatically improves metals strength. When applied to Titanium alloys it is expected to offer vastly improved bonding with human bone with extensive application to the medical prosthetics industry.
MHTX has already received $14M positive cash flow from its nanometals business and is currently in early discussions with potential industrial partners.
Subject to legal and accounting regulations, Manhattan Scientifics' management's goal is to utilize its $35M carry-forward n.o.l. by acquiring a to-be-determined large private technology company concurrent with an uplifting to Nasdaq. Management has begun studying potential candidate acquisitions.
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.
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.