Manhattan Scientifics, Inc. has reacquired all rights in its nano-structured metals technology from its former Licensee whose strategic corporate priorities had changed. The agreement includes a one-time payment to Manhattan of $8 million, the assignment to Manhattan of all related IP and the transfer of ownership of various ECAP machinery and equipment used in the manufacturing process of nano-structured metals. The additional non-cash value of this transaction exceeds $10 million.
Manhattan has successfully demonstrated the viability and economic importance of this technology as applied to most metals and is pursuing several medical and industrial applications through strategic relationships.
These additional resources will enable the company to accelerate the activities of its Senior Scientifics subsidiary, which is engaged in the development and independent testing of its NanoMRX technology for the very early detection of cancer. A validation study is currently underway at MD Anderson Cancer Center in Houston, Texas.
“This non-dilutive cash infusion and improvements to our balance sheet in both cash and net assets are extremely welcomed and further solidify our ability to achieve the goals we have set for ourselves and our shareholders,” said Manny Tsoupanarias, CEO.
About Manhattan Scientifics, Inc.
Manhattan Scientifics Inc. is located in New Mexico, New York and Montreal. It is focused on technology transfer and commercialization of transformative 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.
Source: http://mhtx.com/