Manhattan Scientifics and Senior Scientifics collaborate to develop cancer cell detection system

12 November 2009

Manhattan Scientifics (OTCBB: MHTX) and Senior Scientific, LLC are co-operating to commercialize Senior Scientific’s nanomedicine cancer detection technology.

Senior Scientific has filed a provisional patent for a magnetic needle leukemia cancer cell detection invention based on the use of nanoparticles.

Edward Flynn, President of Senior Scientific, said, “Senior Scientific will maintain its full facilities and staff at the University of New Mexico Technology Park. We are fully funded through NIH research grants, and will continue to pursue and advance our novel technology in early cancer detection. Manhattan Scientifics will employ its own assets to commercialize our technology for the benefit of both our organizations.”

Manhattan Scientifics' CEO Manny Tsoupanarias said, "Both Senior Scientific, LLC and Manhattan Scientifics Inc. are sufficiently capitalized to undertake the challenging project ahead. As we demonstrated in the past with Carpenter Technology Corporation, we intend to open dialog with a number of Fortune 50 pharmaceutical and medical device industry companies in order to identify an appropriate, well-capitalized industrial partner, following our established business model and goal of bringing product to the market on an accelerated basis.”

With respect to its contract with Carpenter Technology Corporation (NYSE: CRS), Manhattan Scientifics received its initial $600,000 payment under terms of its 4-year licensing agreement.

CEO Tsoupanarias continued, "Our company has no short-term debt, and our cash flow will more than exceed our annual overhead expenses. In addition to fixed minimum annual payments, our contract with Carpenter contains the potential for future royalty payments based upon Carpenter's success with their planned introduction of a new class of ultra-fine grained metal alloys that we have licensed to them.”