MetaStat, Inc. Announces Memorandum of Understanding to Transfer its Therapeutic Business
17 Julio 2014 - 8:25AM
Access Wire
MONTCLAIR, NJ. / ACCESSWIRE / MetaStat, Inc. (OTCQB: MTST), a
life science company focused on understanding and treating systemic
metastasis, announced today that on July 14, 2014 it entered into a
binding Memorandum of Understanding (MOU) to transfer its
therapeutic assets to a newly formed private company, ASET
Therapeutics. ASET will be led by David Epstein, former chief
scientific officer of OSI Pharmaceuticals, who will remain as a
director of MetaStat for at least 6 months following consummation
of the transaction.
In exchange for the transfer of the therapeutic assets, ASET has
agreed to make an equity investment in MetaStat of $1.25 million,
and MetaStat has agreed to make an equity investment in ASET of $1
million in exchange for a 20% ownership interest in
ASET. Transfer of the therapeutic assets (including licenses,
know-how, personnel and laboratory space) is expected to occur
within 90 days upon entering into definitive documentation,
whereupon ASET will be responsible for funding all future
therapeutic activities. MetaStat will have exclusive worldwide
rights to develop and market companion diagnostics for all
therapeutic programs developed at ASET and can garner a future
royalty stream and milestone fees upon further monetization of ASET
programs and technologies. In addition, MetaStat has the right to
participate in future financings in order to maintain its 20%
equity ownership.
David Epstein, Ph.D. commented, "We believe this transaction is
a key step towards optimizing the growth of each standalone
company. As two separate companies, both MetaStat and ASET
Therapeutics will be better positioned to capitalize on respective
market opportunities and further enhance the creation of
shareholder value."
Dr. Oscar Bronsther, chief executive officer of MetaStat, stated
"We believe this transaction offers the best utilization of our
scientific and financial resources. MetaStat will focus on the
near-term commercialization of its breast cancer diagnostics, which
is expected to occur in the fourth quarter of 2015." Dr. Bronsther
continued "After completion of this transaction, MetaStat will be a
pure play diagnostic company with a platform of cancer diagnostics
and companion biomarkers for multiple cancer indications."
About MetaStat, Inc.
MetaStat is a life sciences company that develops and
commercializes diagnostic products and novel therapeutics for the
early and reliable prediction and treatment 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(TM) and MenaCalc(TM) product lines
are designed to accurately stratify patients based on their
individual risk of metastasis and to allow clinicians to better
"customize" cancer treatment 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.
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.
Contact
MetaStat, Inc.
Daniel Schneiderman, Vice President
(212) 608-0827
dan@metastat.com
IRTH Communications
Robert Haag
1-866-976-4784
mtst@irthcommunications.com
Netgain Financial
Brian Quinn
760-942-4500
brian@netgain-financial.com
SOURCE: MetaStat, Inc.
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