Business
Manhattan Scientifics Affiliate Files for Initial Public Offering on Australian Stock Exchange
Manhattan Scientifics Affiliate Files for Initial Public Offering on Australian Stock Exchange.
About this update from Manhattan Scientifics, Inc.
[{"type":"text","content":"\n \n Manhattan Scientifics Inc. (OTCQB: MHTX) is pleased to announce that its \n affiliate company, Imagion Biosystems Limited (“Imagion”), formerly \n known as Senior Scientific, LLC, filed a prospectus with the Australian \n Securities and Investment Commission and applied to the Australian \n Securities Exchange for an Initial Public Offering (\"IPO\") to raise up \n to A$12 million at A$0.20 per share.\n \n \n Senior Scientific was acquired in June 2011 by Manhattan Scientifics. In \n November 2016, Senior Scientific merged with Imagion Biosystems, Inc., a \n Nevada corporation (“Imagion Nevada”). In December 2016, Imagion then \n acquired all of the outstanding shares of Imagion Nevada. As a result of \n this restructuring, Manhattan Scientifics received over 62.4 million \n shares in Imagion, presently equal to 50.1% ownership of Imagion.\n \n \n Funds raised in the IPO are expected to be used in Imagion’s efforts to \n move to clinical product development followed by human clinical testing. \n Assuming the closing of the IPO and the issuance of additional shares to \n Manhattan Scientifics from the conversion of a note, Manhattan \n Scientifics is projected to own approximately 64.1 million shares equal \n to approximately 29.2% of Imagion.\n \n \n Manny Tsoupanarias, Chief Executive Officer of Manhattan Scientifics \n commented: “MHTX shareholders today continue to own what they always \n owned in the past, a substantial interest in our cancer diagnostic \n technology. They own a portion of Imagion (Senior Scientific) today by \n virtue of their ownership of MHTX shares. While Australian securities \n laws dictate that non-Australian citizens may not participate in the \n Imagion IPO, non-Australian investors may be able to purchase Imagion \n shares in the market once the IPO is completed.”\n \n \n This is not an offer to sell or a solicitation of any offer to buy any \n securities. Offers are made only by prospectus or other offering \n materials. The IPO is not being offered to investors outside of \n Australia. Australian investors can review the prospectus at https://imagionbiosystems.com/investor-relations/.\n \n \n About Manhattan Scientifics, Inc.\n \n \n Manhattan Scientifics Inc. (www.mhtx.com) \n is located in New Mexico, New York and Montreal. It is focused on \n tec...