THE WOODLANDS, Texas, May 2, 2012 /PRNewswire/ -- MetaStat, Inc. (OTCBB: MTST) ("MetaStat" or the "Company") announced today that on May 1, 2012, it has received subscriptions in a private placement for aggregate gross proceeds of $805,000 from certain accredited and institutional investors (the "Offering"). The Offering consisted of the issuance by the Company of 805,000 shares of the Company's common stock at $1.00 per share and 201,250 common stock purchase warrants with an exercise price of $1.40 per share. MetaStat intends to use the proceeds from the Offering to further its clinical development and general working capital needs.
About MetaStat, Inc.
MetaStat is a life science company focused on the development and commercialization of proprietary clinical diagnostic tests that predict the probability of systemic hematogenous (blood borne) metastasis of cancer, as well as companion therapeutics to prevent this deadly spread. We believe our initial product, the MetaSite Breast™ test, will predict the probability that cancer will be disseminated by this means to other organs in the body. MetaSite Breast is expected to be an important guide to treatment strategies for breast cancer patients and their doctors because metastasis is responsible for almost 90% of fatalities from breast cancer. Further, the platform technology underlying this diagnostic approach may be applicable in up to 80% of all solid tumor cancers, including prostate, lung, colorectal, head and neck, and pancreatic. Most significantly, we believe our platform technology provides us with targets of intervention in key pathways for the development of the first therapies that may preemptively reduce or eliminate metastasis thereby dramatically reducing fatalities.
Our technology platform and corresponding products result from over 15 years of collaboration involving four highly respected scientific institutions. We are unique and differentiated in the marketplace because our discoveries are based on direct microscopic visualization of living, functioning cancer tumors. We have observed the behaviors and mechanisms used by metastatic cells as they migrate to and penetrate blood vessels, where they are subsequently carried away to establish distant site metastases.
For More Information, Contact:
Warren C. Lau
President & CEO
SOURCE MetaStat, Inc.