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Manhattan Scientifics (OTCBB: MHTX) announced today that it has entered into a non-binding letter of intent (LOI) with Edward R. Flynn, Ph.D. and his company, Senior Scientific, LLC, to acquire all the manufacturing and marketing rights, together with all commercial rights associated with Dr. Flynn's patents and IP in the emerging field of nanomedicine. Dr. Flynn's work is focused on the biomagnetic detection of cancer and other diseases through magnetic field sensors with enhanced accuracy.
The details of the planned acquisition were not disclosed. A definitive agreement is expected to be concluded within 60 days.
Manhattan's CEO Manny Tsoupanarias stated, "Our intended acquisition of Dr. Flynn's novel early cancer detection system is a perfect fit with our company's focus on commercializing nanotechnologies in the field of advanced medicine."
Marvin Maslow, chairman emeritus of Manhattan Scientifics, said, "It is not merely our goal, but our obligation to bring Dr. Flynn's extraordinary work in the field of early cancer detection and potential treatment to the world medical community. Just as we have demonstrated in the past, we intend to identify one or more appropriate Fortune 500 industrial partners in the pharmaceutical and medical device industries to bring product to the market."
Edward R. Flynn, Ph.D. is a LANL Laboratory Fellow where he was originally a nuclear physicist for 25 years and published 185 scientific papers. He then changed to medical physics where he started the Biophysics group at the Los Alamos National Laboratory and initiated the Brain Research Program publishing 65 scientific papers. Thereafter he pioneered important cancer work as President and founder of Senior Scientific, LLC, a privately-held company.
Dr. Flynn stated, "I used my knowledge of physics to apply sophisticated magnetic field sensors for very small fields, SQUIDs (Superconducting Quantum Interference Devices) capable of measuring extremely small magnetic fields for the detection of various types of cancer, by using magnetic nanoparticles targeted specifically toward the cancer cells. The SQUID sensor I developed has the ability to detect the small magnetic fields from nanoparticles that have attached to the cancer cells. With this biomagnetic imaging technique, it is possible to identify and image small clusters of cancer cells in a rather novel method, substantially increasing the sensitivity for finding cancer at an earlier stage than is currently available, and without the use of ionizing radiation or large magnetic fields. This biomagnetic sensor method is applicable to breast, ovarian, leukemia, prostate, skin melanoma, and other cancers." Dr. Flynn continued, "This research has been funded by Small Business Innovative Research Grants from the National Institutes of Health. Senior Scientific collaborates with the University of New Mexico Health Sciences Center. Research has reached the stage where instrumentation development is viable to attain significantly earlier detection of a variety of cancers. Moreover, I am confident that by partnering with Manhattan Scientifics now, our team will achieve the ultimate goals of the program."
About Manhattan Scientifics
Manhattan Scientifics, Inc., www.mhtx.com, is located in New Mexico, New York, and Montreal. It is developing and plans to acquire technologies in a variety of environmentally friendly nanotechnology, energy and other people-friendly industries.
This press release contains forward-looking statements. Such forward-looking statements 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. 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.
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Manhattan Scientifics, Inc.
Chief Executive Officer
Senior Scientific, LLC
Edward R. Flynn, Ph.D.
President & CEO
505-243-1058 Lab Direct
Investor Relations Contact:
Premier Media Service Inc.
Heather Mund, 480-649-8224
Manhattan Scientifics, Inc.
Director of Investor Relations
Institutional Investor Relations:
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