Manhattan Scientifics is implementing a plan to have Senior Scientific, the company’s cancer diagnostic unit, pursue an IPO and listing on the Australian Stock Exchange (ASX). Senior Scientific changed its name to Imagion Biosystems and will create a new board of industry professionals to be led by CEO Bob Proulx.
The parent company, Manhattan Scientifics, owns 100% of Senior Scientific/Imagion Biosystems, which owes its parent Manhattan Scientifics $6.9 million.
Manny Tsoupanarias, Manhattan Scientifics CEO, said, "As a result of this transaction, Manhattan Scientifics will receive shares of Imagion Biosystems, which in the future, it may elect to either hold, sell or distribute to shareholders.”
He continued, “Following the spin out, Manhattan Scientifics has sufficient working capital to run its operations going forward and plans to advance its nano-structuring metals technology unit, Metallicum. To date, Metallicum has generated $14 million in cash for MHTX. Presently, Metallicum has entered into agreements with a fortune 100 pharma company, with one of the world’s largest dental implant manufactures and with General Cable.”
Marvin Maslow, Manhattan Scientific chairman, said, "Approximately $20 million has been invested in our Senior Scientific Early Cancer Detection Nanotechnology by our company and by the NIH. We have fulfilled our mission to acquire, fund and incubate this technology and we are completing our goal to mature Imagion Biosystems' mission through the planned listing on a major exchange. We believe this to be a winning strategy for our 6,000 shareholders. Imagion Biosystems has begun the process to raise capital for what we expect will be a successful IPO."
Manhattan Scientifics plans to release additional details describing the transaction details in the near future.