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."
Posted October 20th, 2009
