Manhattan Scientifics Inc. affiliate Imagion Biosystems Ltd. filed for an initial public offering of up to A$12 million of its common stock, or 20 Australian cents per share.

The IPO is not being offered to investors outside of Australia. Imagion expects to use the funds to invest in clinical product development and human clinical testing.

Imagion was formerly known as Senior Scientific LLC. Manhattan acquired the company in June 2011 and merged it with Imagion Nevada in December 2016. After a restructuring under which Imagion acquired all of Imagion Nevada's outstanding shares, Manhattan received 62.4 million shares in the merged company.

Manhattan's present ownership of Imagion stands at 50.1%.

Imagion's underlying business operations are 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.

As of May 31, US$1 was equivalent to A$1.34.