MetaStat Completes Divestiture of Its Therapeutic Assets
December 02 2014 - 6:30AM
Business Wire
Becomes Pure-Play Molecular Diagnostics
Company, Focused Exclusively on Developing and Commercializing
Epigenetic-based Diagnostic Tests to Determine the Risk of
Developing Systemic Metastasis
MetaStat, Inc. (OTCQB:MTST), a molecular diagnostic company
focused on developing and commercializing epigenetic-based
diagnostic tests for early and reliable prediction of systemic
metastasis, has completed the divestiture of its therapeutic
assets. As a result of this divestiture, MetaStat’s sole focus is
developing its MetaSite Breast™ and MenaCalc™ near-term product
opportunities.
Oscar L. Bronsther, M.D., Chief Executive Officer of MetaStat,
said, “The transfer of our therapeutic assets to ASET Therapeutics
represents a tremendous step forward in the evolution of MetaStat.
As a pure-play diagnostics company, we are now ideally positioned
to focus our efforts on our near-term diagnostics platform. We
believe this singular focus will give us a key advantage as we seek
to distinguish ourselves in this space.”
Under the terms of the agreement, MetaStat will transfer the
Company’s therapeutic assets to and make a future equity investment
in the newly formed private company. MetaStat will receive
royalties and milestone payments associated with the development of
any new therapeutic products based on the company’s alternative
splicing technology. MetaStat retains the rights to develop and
commercialize all molecular diagnostics products and companion
diagnostics associated with the alternative splicing technology
platform.
Dr. Elizabeth Buck, previously MetaStat’s Chief Scientific
Officer of Therapeutics, will lead ASET Therapeutics as its Chief
Scientific Officer and Chief Operating Officer. David Epstein,
Ph.D., an existing director of MetaStat, will oversee strategic
development at ASET Therapeutics.
Further terms of the agreement can be found in MetaStat’s
Current Report on Form 8-K that it expects to file with the
Securities and Exchange Commission on December 2, 2014.
About ASET Therapeutics, LLC
ASET Therapeutics is a biotechnology company that discovers and
develops therapeutic agents to target unique oncogenic
protein-isoforms present in molecularly defined groups of cancer
patients. ASET’s pipeline is based on unique biological insights
into how altered RNA processing drives oncogenic activity. ASET is
generating therapeutic agents that inhibit these aberrant isoforms.
ASET Therapeutics’ programs combine companion diagnostic tools
(based on detecting an aberrant isoform in patient tumor or
peripheral blood) to enable delivery of personalized medicines to
select cancer patient groups not served by current standards of
care, and hence, who have a demonstrated high unmet medical need.
ASET Therapeutics is a private company launched in 2014 by an
experienced team of oncology R&D leaders.
About MetaStat, Inc.
MetaStat, Inc (MTST) is a molecular diagnostic company that
develops and commercializes diagnostic tests for early and reliable
prediction of systemic metastasis, the process by which cancer
spreads from a primary tumor through the bloodstream to other areas
of the body. MetaStat is focused on breast, prostate, lung and
colorectal cancers, where systemic metastasis is responsible for
approximately 90% of all deaths. The Company’s function-based
diagnostic platform technology is based on the identification and
understanding of the pivotal role of the mena protein and its
isoforms, a common pathway for the development of systemic
metastatic disease in all epithelial-based solid tumors. Both the
MetaSite Breast™ and MenaCalc™ assays are designed to accurately
stratify patients based on their individual risk of metastasis and
to provide physicians with clinically actionable information to
better "customize" cancer treatment. MetaStat’s testing platform
improves treatment planning decisions by positively identifying
patients with a high-risk of metastasis who need aggressive therapy
and by sparing patients with a low-risk of metastasis from the
harmful side effects and expense of chemotherapy. The company is
based in Boston.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and such forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. You are cautioned that such statements are
subject to a multitude of risks and uncertainties that could cause
future circumstances, events or results to differ materially from
those projected in the forward-looking statements as a result of
various factors and other risks, including those set forth in the
Company's Form 10-K filed with the Securities and Exchange
Commission. You should consider these factors in evaluating the
forward-looking statements included herein, and not place undue
reliance on such statements. The forward-looking statements in this
release are made as of the date hereof and the company undertakes
no obligation to update such statements.
Media:Dian Griesel Int’l. for MetaStatSusan Forman,
212-825-3210sforman@dgicomm.comorInvestors:MetaStat,
Inc.Daniel Schneiderman, 212-608-0827Vice
Presidentdan@metastat.com
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