"We are sufficiently capitalized to manage and run our current business operations without the need for additional capital and we continue exploring with pharmaceutical companies and device manufacturers for potential industrial partners for our 'cancer project'"
NEW YORK--Manhattan Scientifics, Inc. (OTCBB: MHTX) today announced its results of operations for the year ended December 31, 2010. The company announced that it tripled its revenue in year 2010 and reduced its loss to $43,000 from a loss of $446,000 in year 2009.
"As a result of our increased revenues, our independent auditors have removed the "going concern" qualification from its previous audit opinion," said CEO Manny Tsoupanarias.
"We are sufficiently capitalized to manage and run our current business operations without the need for additional capital and we continue exploring with pharmaceutical companies and device manufacturers for potential industrial partners for our "cancer project". Our focus is to commercialize nanotechnologies for metals and medical treatment sourced from laboratories in New Mexico."
He continued with an update: "Our advanced metals business is running well and generating revenue as we commercialize this exciting breakthrough technology. Our metals business is a core component for Manhattan Scientifics and is expected to continue to help us expand our business."
Manhattan Scientifics, Inc. (www.mhtx.com) is located in New Mexico, New York and Montreal. It is focused on technology transfer and commercialization of disruptive 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. 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.