NEW YORK (GenomeWeb) – MetaStat said yesterday that it has raised $3.4 million through a Series B preferred stock private placement.
According to the firm, certain board members and management participated in the offering. H.C. Wainwright & Co., was the lead placement agent, while Alere Financial Partners, a division of Clancy Financial Services, was the co-placement agent.
As part of the offering, MetaStat issued shares of Series B preferred stock at a conversion price of $0.55 per share. Additionally, MetaStat issued 4,621,700 Series A warrants at an exercise price of $0.70 per share and 455,000 Series B warrants at an exercise price of $0.55 per share. The Series A and B Warrants expire on March 31, 2020.
MetaStat will use the funds as working capital and for other general business purposes, the company said in a statement. For example, the firm plans to pursue CLIA certification for its new clinical reference lab, as well as conduct additional clinical trials to gather further evidence on its diagnostic products MetaSite Breast and MenaCalc.
The Boston-based diagnostic firm is hoping to launch these two tests next year. MetaSite Breast assesses the risk of metastasis for estrogen receptor-positive, HER2-negative breast cancer patients, and MenaCalc gauges disease prognoses across all breast cancer types. The diagnostics use immunohistochemistry and quantitative immunofluorescence to assess the role of the Mena protein and its isoforms in driving metastatic disease.