New York, NY / ACCESSWIRE / August 27, 2014 / SeeThruEquity, a leading New York City based independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has issued a quarterly update on Manhattan Scientifics, Inc. (OTCQB: MHTX) for Q2 2014.
"We are very encouraged by the August 19, 2014 announcement that Spencer Falk would lead the commercialization efforts of MHTX’s MRX cancer screening technology and see this as a huge boost for the company. Mr. Falk previously held senior marketing positions at Pfizer and Forest Laboratories, and has had a 35-year career in the pharmaceutical and diagnostic sector fields. His marketing expertise was critical to the success of Viagra and Celebrex, among other medical brands, and his personal contacts include senior management professionals leading oncology product development at firms including Merck, Astra-Zeneca/Medimmune, Pfizer, Esai, Johnson & Johnson and others. Mr. Falk had been responsible for introducing Senior Scientific to the key oncology researchers at the MD Anderson Cancer Research Hospital, which led to their undertaking validation studies which the company anticipates will have a positive outcome." commented Ajay Tandon, CEO of SeeThruEquity. "We maintain our price target of $0.25 per share."
Highlights of the quarter are as follows:
- MRX commercialization efforts get huge boost with Falk hiring. Central to the MHTX investment thesis is the ongoing development of the company’s revolutionary cancer screening MRX technology. On August 19, 2014, the announcement that Spencer Falk would lead the commercialization efforts of that technology was a huge boost for MHTX. Mr. Falk previously held senior marketing positions at Pfizer and Forest Laboratories, and has had a 35-year career in the pharmaceutical and diagnostic sector fields. His marketing expertise was critical to the success of Viagra and Celebrex, among other medical brands, and his personal contacts include senior management professionals leading oncology product development at firms including Merck, Astra-Zeneca/Medimmune, Pfizer, Esai, Johnson & Johnson and others. Mr. Falk had been responsible for introducing Senior Scientific to the key oncology researchers at the MD Anderson Cancer Research Hospital, which led to their undertaking validation studies. On May 22, 2014, MHTX announced that it had completed the testing phase of its MRX II™ cancer screening instrument.
- Results should accelerate over the balance of 2014. MHTX reported 2Q14 revenues of $150k, down 21.5% from $191k in 2Q13. This was due to the timing of royalty payments from CRS. MHTX reported a net loss of ($1.1mn), or ($0.00) per share for 2Q14, compared with a net loss of ($588k), or ($0.00) per share in 2Q13. MHTX finished 2Q14 with $1.1mn in cash on its balance sheet.
The note is available at: MHTX Quarterly Update Report. SeeThruEquity is an approved equity research contributor on Thomson First Call, CapitalIQ, FactSet, and Zack’s.
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. It is focused on technology transfer and commercialization of transformative technologies in the nanomedicine space. The company is pursuing its "licensing" business model. The company's ultra-fine grain metals titanium application has been licensed to a Fortune/1000 NYSE company positioning the company's Metallicum unit as cash flow positive.
About SeeThruEquity
SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. We do not conduct any investment banking or commission based business. We are approved to contribute our research to Thomson Reuters One (First Call), CapitalIQ, FactSet, Zacks and distribute our research to our database of opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
For more information visit http://www.seethruequity.com/.
Contact:
Ajay Tandon
SeeThruEquity
(646) 495-0939
Source: SeeThruEquity