MetaStat Announces Closing of Series B Private Placement
March 31 2015 - 4:43PM
Business Wire
-- Company Raises Total Gross Proceeds of $3.4
Million --
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, announced today the final closing of its Series B
Preferred Stock private placement (the “Offering”) resulting in
total gross proceeds of $3.4 million. Institutional and accredited
investors including certain members of the company’s board of
directors and management participated in the transaction. H.C.
Wainwright & Co., LLC acted as lead placement agent. Alere
Financial Partners, LLC, a division of Clancy Financial Services
Inc. acted as co-placement agent.
Pursuant to the Offering, the Company issued shares of Series B
Preferred Stock with a conversion price of $0.55 per share. The
company also issued an aggregate of 4,621,700 Series A Warrants
with an exercise price of $0.70 per share and 455,000 Series B
Warrants with an exercise price of $0.55 per share. The Series A
Warrants and the Series B Warrants expire on March 31, 2020.
Proceeds of the Offering will be used for working capital and
general corporate purposes, including pursuing CLIA certification
for MetaStat’s new clinical reference laboratory and additional
confirmatory clinical studies for the company’s
MetaSite Breast™ and MenaCalc™ diagnostic assays.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the company’s securities, nor shall
there be any sale of the company’s securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification for an exemption
under the securities law of any such jurisdiction, including the
registration requirements under U.S. securities laws.
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 epigenetic-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 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
aims to improve 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.Susan Forman,
212-825-3210sforman@dgicomm.comorInvestors:MetaStat,
Inc.Rick Pierce, 617-714-5125Rpierce@metastat.com
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