Manhattan Scientifics Announces Successful Completion of its Affiliate Imagion Biosystems IPO

NEW YORK–(BUSINESS WIRE)– Manhattan Scientifics Inc. (MHTX), Imagion Biosystems (IBX) and the
National Institute of Health (NIH) collectively have invested over $20M
to develop and commercialize the cancer diagnostic nanotechnology
originally developed by Dr. Flynn.

The Australian IPO raised an additional US $9.0M (Australian $12M).

IBX is working in close association with the MD Anderson Cancer Center
with the goal of initiating human testing late next year.

Manhattan Scientifics owns 64 million IBX restricted common shares; or
29.2% of Imagion Biosystems, whose offering prospectus may be reviewed
on the Imagion website, www.imagionbiosystems.com.

Marvin Maslow, founder & chairman of Manhattan Scientifics said:

“Manhattan Scientifics invested, nurtured, patented, and implemented the
remarkable early cancer diagnostic – then recruited industry
professionals to carry the torch to a goal of commercial acceptance. »

Maslow continued, « Today Imagion Biosystems is armed with professional
management, top leadership, a solid balance sheet and an ironclad
determination to jump through all the hoops, including the FDA, to help
overcome the horrors of cancer.

Today, Manhattan Scientifics has no debt on its balance sheet and is
focusing on its nanotechnology unit, Metallicum Inc., which it hopes to
mature and develop in a similar manner to Imagion Biosystems. »

Manny Tsoupanarias, Manhattan Scientifics’ CEO, added, “It was not
merely our goal, but our humanistic obligation to bring Dr. Flynn’s
extraordinary work in the field of early cancer detection to the world
medical community. Dr. Flynn called on his experience as a nuclear
physicist to develop new, ground-breaking technology that can detect
breast, prostate and ovarian cancers much earlier than current
diagnostic techniques. His work also has produced an innovative method
to more accurately determine if leukemia patients are benefiting from
chemotherapy treatments.

Flynn’s technology is based on magnetic nano particles injected into the
body. The particles carry antibodies that bind with cancer cells to
pinpoint the exact location of diseases, both for diagnostics and for
targeted therapies.”

Bob Proulx, Imagion Biosystems CEO, commented , « We are very
appreciative of the encouragement and support from Manhattan Scientifics
and its shareholders and are looking forward to this next chapter in our
business as we work to improve cancer diagnosis and treatment. »

About Manhattan Scientifics, Inc.

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.

About Imagion Biosystems Limited

Imagion Biosystems Limited (www.imagionbiosystems.com)
is an Australian corporation with underlying business operations largely
focused on research and development of the MagSense™ SPMR technology,
including both the technology employed in the measuring instrument and
various formulations of nanoparticles for detecting specific types of
diseases.

Forward-looking statement

This press release contains forward-looking statements, which are
subject to a number of risks, assumptions and uncertainties that could
cause the Company’s actual results to differ materially from those
projected in such forward-looking statements. Management at Manhattan
Scientifics believes that purchase of its shares should be considered to
be at the high end of the risk spectrum. Forward-looking statements
speak only as of the date made and are not guarantees of future
performance. We undertake no obligation to publicly update or revise any
forward-looking statements.

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