Manhattan Scientifics (OTCBB: MHTX) announced today that it has entered into a non-binding letter of intent (LOI) with Edward R. Flynn, Ph.D. and his company, Senior Scientific, LLC, to acquire all the manufacturing and marketing rights, together with all commercial rights associated with Dr. Flynn’s patents and IP in the emerging field of nanomedicine. Dr. Flynn’s work is focused on the biomagnetic detection of cancer and other diseases through magnetic field sensors with enhanced accuracy.
The details of the planned acquisition were not disclosed. A definitive agreement is expected to be concluded within 60 days.
Manhattan’s CEO Manny Tsoupanarias stated, “Our intended acquisition of Dr. Flynn’s novel early cancer detection system is a perfect fit with our company’s focus on commercializing nanotechnologies in the field of advanced medicine.”
Marvin Maslow, chairman emeritus of Manhattan Scientifics, said, “It is not merely our goal, but our obligation to bring Dr. Flynn’s extraordinary work in the field of early cancer detection and potential treatment to the world medical community. Just as we have demonstrated in the past, we intend to identify one or more appropriate Fortune 500 industrial partners in the pharmaceutical and medical device industries to bring product to the market.”
Edward R. Flynn, Ph.D. is a LANL Laboratory Fellow where he was originally a nuclear physicist for 25 years and published 185 scientific papers. He then changed to medical physics where he started the Biophysics group at the Los Alamos National Laboratory and initiated the Brain Research Program publishing 65 scientific papers. Thereafter he pioneered important cancer work as President and founder of Senior Scientific, LLC, a privately-held company.