Manhattan Scientifics Completes $2 Million Financing Round

Albuquerque, N.M.-based Manhattan Scientifics Inc. has completed a $2 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.

According to a poster presented at the World Molecular Imaging Conference by John D. Hazle, Ph.D. of the MD Anderson Cancer Center, the technology is an extremely sensitive ovarian cancer detection method, and hold promise for detecting the cancer much earlier than has been the norm till now. The technology relies on nano particles binding to specific cancer cells and works by detecting molecular markers.

Manhattan Scientifics plans to initiate construction of a human-size clinical MRX machine in 2015, which would precede submissions to the Food and Drug Administration.

“This capital will largely be invested in the important technology research at our subsidiary Senior Scientific LLC,” said Manny Tsoupanarias, CEO of Manhattan Scientifics. “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 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.”

Manhattan Scientifics is focused on technology transfer and commercialization of transformative technologies in the nano medicine space.