Manhattan Scientifics Inc. (MHTX.OB) Inks Licensing Agreement with Carpenter Technology

In the company’s news yesterday,

Manhattan Scientifics Inc. announced an agreement with Carpenter Technology Corp. (NYSE: CRS) in which Carpenter will develop, manufacture and market a new class of high-strength metals under an exclusive license from Manhattan Scientifics and the Los Alamos National Laboratory.

“Carpenter continues to forge ahead as the leading developer of stainless steels and specialty alloys,” Anne L. Stevens, Carpenter’s chairman and CEO stated in the press release. “Our relationship with Manhattan Scientifics will ultimately give us new, cutting-edge manufacturing techniques that we can apply to many of our alloys to service an increasing global need for high strength materials.”

The noted process utilizes super-strength metals and alloys to produce lower-weight products without costly premiums. The Los Alamos National Laboratory, along with a team of Russian scientists, has developed a new form of titanium metal designed for the healthcare market. The titanium is expected to improve medical prosthetics as it is shown to integrate with bone up to 20 times faster than conventional methods.

Manny Tsoupanarias, Manhattan Scientific’s CEO, said Carpenter makes the ideal partner in the metals industry.

“Carpenter Technology, a billion dollar multi-national organization, is exactly the kind of manufacturing partner we were looking for to bring our superior ultrafine grain metals to market throughout the world,” Tsoupanarias stated. “The contract will provide quick and sustained revenue to Manhattan Scientifics. Moreover, we anticipate positive cash flow, reliable revenue and profitability during the next 12 months. This is a major breakthrough for our 8,600 shareholders.”

Carpenter is also currently reviewing other applications for the titanium, which received FDA-approval for its use in the $2 billion dental implant market. The company views the transportation industry as a possible target because of the need for lighter, more fuel efficient vehicles.

Manhattan Scientifics previously partnered with the Los Alamos National Laboratory through an exclusive agreement in which Manhattan Scientific acquired the U.S. license of a family of patents developed by scientists at the laboratory. Yesterday’s announced contract calls for minimum annual payments to Manhattan Scientifics over a four-year period, including royalty payments from gross sales.

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