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Monday July 26, 2010, 11:36 am EDT
ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Manhattan Scientifics, Inc. (OTCBB: MHTX) said today that a July 20th New York Times article titled “Prone to Error: Earliest Steps to Find Cancer” highlights the potential value of the early cancer detection technology developed by Senior Scientific, LLC and licensed by Manhattan Scientifics. The story focused on widespread problems associated with incorrect diagnosis of breast cancer, and cited one study in which 90,000 women either did not have the disease or their pathologist made an error that resulted in incorrect treatment.
Earlier this year Manhattan Scientifics announced that it had acquired exclusive rights to commercialize the early cancer detection technology developed by Senior Scientific, LLC, and a team of scientists led by Edward R. Flynn, Ph.D.
The non-radiation diagnostic technology, which is in the early stages of testing, uses cancer-seeking nanotechnology. Magnetic, nano-sized cancer-targeting antibodies which bind only to cancer cells are employed, and are capable of detecting a cancerous breast tumor with only 100,000 malignant cells. The current gold-standard Mammogram requires 100 million malignant cells before a tumor can be detected. The new experimental technology is 1,000 times more sensitive and capable of detecting breast cancers 3 years earlier than with Mammograms.
In an attempt to identify an appropriate industrial partner to help move the technology from “Bench to Bedside”, Manhattan Scientifics is screening the medical device and biotechnology industries, and has entered into discussions with former senior management of the FDA in an effort to accelerate the process to bring product to the market.
In addition to the www.mhtx.com website, management is pleased to announce the addition of a website dedicated exclusively to the Senior Scientific LLC technology which can be accessed at www.seniorscientific.com.
Manhattan’s CEO Manny Tsoupanarias said, “The technology is designed to eliminate false positives. Thus far, the cancer tests have produced objective, not subjective, results. The system is able to selectively detect cancers during their earliest state of growth, years before current detection systems.” He continued, “We have a long way to go, but every journey begins with the first steps, and we are moving forward quickly.” Mr. Tsoupanarias continued, “We are cash-flow positive now and we’ve already demonstrated our ability to “partner” with Fortune/ 1000 companies to bring nano-medicine products to market. This story in the New York Times underscores the importance of Senior Scientifics’ technology which holds the potential to alter the diagnostic approach to a variety of cancers including: Breast, Ovarian, Pancreatic, Skin, Cervical, Brain (glioblastoma), Prostate, Colon, Bladder and other forms of cancer.”
Senior Scientific is a pioneering company in the emerging field of nanomedicine. The company has been supported for eight years by nine grants from the National Institutes of Health and a grant from the U.S. Department of Defense. The technology is protected by issued and pending patents.
About Manhattan Scientifics
Manhattan Scientifics, Inc., (OTCBB: MHTX), is a leading information age enterprise focused on the nanomedicine space. Located in New Mexico, New York and Montreal, Manhattan Scientifics’ goal is to create profit for the company’s shareholders through royalty-bearing licenses with Fortune 1000 companies by marketing products that rely on the company’s patents, know-how and intellectual property. Manhattan Scientifics owns the exclusive, perpetual U.S. license to a family of patents which will enable the manufacture and marketing of super strong, ultra light-weight “nanostructured” metals that have been developed at the Los Alamos National Laboratory (LANL) and in the former Soviet Union. More information about Manhattan Scientifics can be found at www.mhtx.com and at www.seniorscientific.com
Forward looking statement: Certain statements contained in this press release are "forward looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected and are not guarantees of future performance. Management at Manhattan Scientifics believes that purchase of its shares should be considered to be at the high end of the risk spectrum. Manhattan Scientifics assumes no obligation and does not intend to update these forward-looking statements.
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