Company Announces Delivery of MRX II Cancer Detection Instrument to MD Anderson
New York, NY / ACCESSWIRE / June 26, 2014 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has issued a company note on Manhattan Scientifics, Inc. (MHTX).
MHTX recently announced that it has delivered its break-through, cancer measurement instrument to The University of Texas M.D. Anderson Cancer Center in Houston, TX. On January 27th 2014, the company executed an agreement to collaborate with M.D. Anderson to advance, demonstrate and validate a breakthrough technology developed by Edward R. Flynn, PhD. Dr. Flynn is the founder and chief scientist of the company’s subsidiary, Senior Scientific LLC.
Senior Scientific is seeking to commercialize its patented technology using iron oxide nanoparticles that bind with individual cancer cells which will enable physicians to locate, identify and measure tumors thousands of times smaller than otherwise detectable with current technologies.
“We are encouraged by the fact that MHTX has executed on its delivery of the MRX II to MD Anderson on schedule. This news coupled with collaborative agreements in place with Carpenter and now Azano Biotech, MHTX continues to progress towards commercialization of its products. We anticipate significant milestone announcements for MHTX over the next 12-18. We are maintaining our price target on MHTX of $0.25.
Other Recent Highlights and Milestones Include:
- MHTX recently written up on Popular Financial Website: Seeking Alpha – Seeking Alpha Article
- MHTX reported 1Q14 revenues of $180k, down 59.5% from $444k in 1Q13. This was due to the timing of royalty payments from CRS. On April 1, 2014, MHTX received a $600k minimum royalty payment from CRS, of which $150k was recorded in 1Q14.
- MHTX reported a net loss of ($1.1mn), or ($0.00) per share for 1Q14, compared with net income of $62k, or $0.00 per share in 1Q13. The increased expenses are mainly the result of development work on the MRX II™ cancer screening instrument.
- On March 18, 2014, MHTX announced a collaborative agreement with Azano Biotech that will make NanoMRX Precision Nanoparticles available for purchase. Azano Biotech anticipates applications in separation, targeting, MRI contrast and Magnetic Particle Imaging (MPI). This is the first time that the NanoMRX Precision Nanoparticles will be made available for use outside of Senior Scientific’s own programs.
- On April 1, 2014, MHTX closed the third tranche of financing in the amount of $500,000 under the financing agreement entered with a group of accredited investors in April, 2013. As of the financing, MHTX was on schedule with the instrument assembly and prove-ins set forth in the financing agreement. The balance of the funding will be October 1, 2014 ($500,000).
- On February 12, 2014, MHTX entered into securities purchase agreements with two accredited investors pursuant to which the investors purchased 18,250,000 shares of MHTX’s common stock and warrants to acquire 4,562,500 shares of common stock for a purchase price of $1,368,750. The Warrant is exercisable for five years at an exercise price of $0.075 per share. MHTX received the capital on February 7, 2014 and February 11, 2014.
- MHTX had $1.7mn of cash on its balance sheet as of March 31, 2014.
The note is available here: MHTX Company Note. SeeThruEquity is an approved equity research contributor on Thomson First Call, Capital IQ, FactSet, and Zack’s. The report will also be available on these platforms.
Please review important disclosures on our website at http://www.seethruequity.com/.
About Manhattan Scientifics
Manhattan Scientifics Inc. (http://www.mhtx.com/) is located in New Mexico, New York and Montreal, is focused on the commercialization of disruptive technologies in the nano-medicine space. It has achieved several critical milestones in the development of its proprietary technology for the very early detection of cancer. The company is also at work with its licensed NYSE "partner" to commercialize medical prosthetics applications for its patented ultra-fine-grain nanotechnology metals.
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