Manhattan Scientific expected to ship its MRX II cancer screening instrument to MD Anderson and Announcement of collaboration with Azano Biotech highlight developments in Q1 2014
New York, NY / ACCESSWIRE / June 9, 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 Q1 2014.
"We are very encouraged by the recent MHTX announcement that it had completed the testing phase of its MRX II(TM) cancer screening instrument. The instrument was schedule to be shipped to the MD Anderson Cancer Center on May 27, 2014. This should lead to the commencement of pre-clinical trials in 2H14E," commented Ajay Tandon, CEO of SeeThruEquity.
Highlights of the quarter are as follows:
Key 2014 milestones remain on track. MHTX has numerous catalysts on the horizon in the 2014-2015E timeframe. On May 22, 2014, MHTX announced that it had completed the testing phase of its MRX II(TM) cancer screening instrument. The instrument was schedule to be shipped to the MD Anderson Cancer Center on May 27, 2014. We now expect pre-clinical trials to commence at some point in 2H14E. MHTX had previously announced a collaboration agreement with Azano Biotech during 1Q14. This agreement will provide an additional path to commercialization for MHTX’s NanoMRX Precision Nanoparticles. Based on its own releases, we still expect MHTX licensing partner Carpenter Technology Corp. (NYSE: CRS) to begin production of nano-structured titanium in 2H14E. MHTX received a $600k minimum royalty payment from CRS, of which $150k was recognized in 1Q14.
Results should accelerate over the balance of 2014. MHTX reported 1Q14 revenues of $180k, down 59.5% from $444k in 1Q13. 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 1Q14, compared with net income of $62k, or $0.00 per share in 1Q13. The increased loss came from expenses related to the development of the MRX II(TM) cancer screening equipment. MHTX raised $1.8mn during 1Q14 and finished the quarter with $1.7mn in cash on its balance sheet.
Maintaining price target of $0.25. We are maintaining our price target to $0.25. This represents 150% upside potential from the recent market price of $0.10.
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.
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About Manhattan Scientifics
Manhattan Scientifics Inc. (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.
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