"We are cash-flow positive now and we’ve already demonstrated our ability to 'partner'"
ALBUQUERQUE, N.M.--Manhattan Scientifics, Inc. (OTCBB: MHTX) said today that a July 20th New York Times article titled "Prone to Error: Earliest Steps to Find Cancer" highlights the potential value of the early cancer detection technology developed by Senior Scientific, LLC and licensed by Manhattan Scientifics. The story focused on widespread problems associated with incorrect diagnosis of breast cancer, and cited one study in which 90,000 women either did not have the disease or their pathologist made an error that resulted in incorrect treatment.
Earlier this year Manhattan Scientifics announced that it had acquired exclusive rights to commercialize the early cancer detection technology developed by Senior Scientific, LLC, and a team of scientists led by Edward R. Flynn, Ph.D.
The non-radiation diagnostic technology, which is in the early stages of testing, uses cancer-seeking nanotechnology. Magnetic, nano-sized cancer-targeting antibodies which bind only to cancer cells are employed, and are capable of detecting a cancerous breast tumor with only 100,000 malignant cells. The current gold-standard Mammogram requires 100 million malignant cells before a tumor can be detected. The new experimental technology is 1,000 times more sensitive and capable of detecting breast cancers 3 years earlier than with Mammograms.
In an attempt to identify an appropriate industrial partner to help move the technology from "Bench to Bedside", Manhattan Scientifics is screening the medical device and biotechnology industries, and has entered into discussions with former senior management of the FDA in an effort to accelerate the process to bring product to the market.
In addition to the www.mhtx.com website, management is pleased to announce the addition of a website dedicated exclusively to the Senior Scientific LLC technology which can be accessed at www.seniorscientific.com.
Manhattan’s CEO Manny Tsoupanarias said, "The technology is designed to eliminate false positives. Thus far, the cancer tests have produced objective, not subjective, results. The system is able to selectively detect cancers during their earliest state of growth, years before current detection systems." He continued, "We have a long way to go, but every journey begins with the first steps, and we are moving forward quickly." Mr. Tsoupanarias continued, "We are cash-flow positive now and we've already demonstrated our ability to "partner" with Fortune/ 1000 companies to bring nano-medicine products to market. This story in the New York Times underscores the importance of Senior Scientifics' technology which holds the potential to alter the diagnostic approach to a variety of cancers including: Breast, Ovarian, Pancreatic, Skin, Cervical, Brain (glioblastoma), Prostate, Colon, Bladder and other forms of cancer."
Senior Scientific is a pioneering company in the emerging field of nanomedicine. The company has been supported for eight years by nine grants from the National Institutes of Health and a grant from the U.S. Department of Defense. The technology is protected by issued and pending patents.
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.