NEW YORK (GenomeWeb) – MetaStat today effected a one-for-15 reverse stock split with an eye toward listing its shares on a national securities exchange.
The shares began trading today on a post-split basis on the OTCQB under the temporary symbol "MTSTD". MetaStat's board approved the reverse stock split in January, and its shareholders approved the move in June.
MetaStat President and CEO Douglas Hamilton said in a statement that the action is aimed at increasing the liquidity and visibility of the company's stock. "Uplisting to a national securities exchange will allow greater access to capital to help commercialize our first product offering and expand the depth and breadth of our product pipeline."
The company previously told GenomeWeb that it plans to launch its MetaSite Breast and MenaCalc assays next year as prognostic tools for ER-positive, HER2-negative patients. The tests are for stratifying patients based on their tumor's aggressiveness and the risk that their cancers will spread.
MetaStat last week announced it had received Massachusetts licensure for its digital pathology laboratory in Boston.