This afternoon we released our first Executive Informational Overview on Convoy Therapeutics, Inc., a closely held, late-stage biotechnology company developing a next-generation drug delivery technology. The report details Convoy's business, product development and R&D efforts, growth strategies and important milestones, management backgrounds, potential competition, and market opportunities, among many other factors that investors and stakeholders may find relevant.
Convoy’s innovative Skin-Penetrating-And-Cell-Entering (SPACE) Peptide Technology uses a family of proprietary peptide sequences to transport topical drug and cosmetic compounds into the skin. A key competitive advantage of the SPACE technology is that it can be used to administer both small and large molecules. Many biologic drugs and therapeutic proteins, among other macromolecules, cannot be effectively delivered through the skin with current technologies due to the size of the active molecule. The SPACE Peptide not only facilitates skin penetration of large molecules but has also been shown to retain small compounds in the skin, potentiating a longer-lasting treatment effect. The technology is non-invasive and has been found to be non-toxic. Convoy’s pipeline includes using the SPACE platform to reformulate a well-known oral and injectable therapeutic, cyclosporine A, into a topical treatment for psoriasis called CycloPsorb™, as well as creating a topical hyaluronic acid cosmetic compound to reduce fine lines/wrinkles as a supplement to dermal filler and Botox® injections.
Convoy’s topical hyaluronic acid for fine lines and wrinkles could reach the market in early 2014, followed by CycloPsorb™ in 2015. The pipeline further includes several preclinical-stage candidates.
The SPACE platform is adaptable to a range of molecules, and its use could enable new treatments in dermatology, immunology (vaccines), oncology and pain, and cosmetics/cosmeceuticals. Convoy seeks strategic partners interested in using the SPACE platform with their compounds or in co-development of the Company’s two lead candidates.
Medicines applied to the skin account for more than 12% of the global drug delivery market—which could expand with the advent of technologies such as Convoy’s that enable topical delivery of existing oral and injectable macromolecules.
Convoy holds an exclusive global license to the SPACE Peptide Technology, with patent applications filed in the U.S. and other worldwide territories under the Patent Cooperation Treaty (PCT).
The Company is led by management experienced in biomedical, biotechnology, and financial markets as well as a Scientific Advisory Board chaired by Professor Samir Mitragotri, who is Director of the University of California, Santa Barbara’s Center for Bioengineering and a leading researcher in the field of drug delivery. Professor Mitragotri is an inventor of the SPACE technology.
Convoy is a closely held company. As such, information regarding its cash and financial position has not been made publicly available.
To read the full 52-page report, visit our website.
*The JOBS Act, New Private Markets, and the Re-Emergence of the IPO
*Funding the Future of Healthcare, Finance Forum, and JOBS Act Summit
*Special Session: Fund Managers Unplugged
Crystal Research Associates is proud to be a sponsor of the 4th Annual OneMedForum in New York City on June 26-27, 2013. This Forum created and hosted by OneMedPlace will focus on the new financing strategies made possible by the JOBS Act, with a showcase of investment opportunities in fast-growing private (pre-IPO) companies and microcap public companies.
If you would like to attend the conference, please click here for more information and online registration.
If you are already attending, we welcome you to stop by our booth at OneMedForumNY 2013 to get more information about our products and services, or just to say hi!
Also, don't miss our Special Session Panel--Fund Managers Unplugged--which will be held at 4:20 pm on June 27th. Hosted by Crystal Research Associates, CEO Jeffrey Kraws will be moderating this discussion between veteran healthcare fund managers. Topics will focus on the outlook for healthcare investors in 2013 and beyond. If you were able to catch the first Fund Managers Unplugged panel, held in January 2013 at OneMedForum San Francisco, this is your chance to hear the follow-up discussion on the success of the stock picks made during the first panel.
Yesterday, AtheroNova Inc. (AHRO-OTC) announced a major milestone in the Company's progression to Phase I clinical trials. AtheroNova has now shipped Phase I supplies of AHRO-001, the Company's lead drug candidate fighting atherosclerotic plaque, to CardioNova, the Company's Russian licensing partner. This shipment was the last major step to commencing human trials, and indicates that AtheroNova is on track to start patient screenings and first-in-man dosing in June 2013.
Previously, in late January 2013, AtheroNova’s CEO, Thomas W. Gardner, had detailed the Company’s development for investors, noting that AtheroNova expected to initiate and complete a Phase I trial for AHRO-001 in Russia by the third quarter 2013. The Company’s partner, CardioNova, has already filed an Investigational New Drug (IND) application for AHRO-001 with Russia’s Ministry of Healthcare, and CardioNova’s parent company, the Maxwell Biotech Group, has agreed to fund Phase I and Phase II clinical trials in Russia. As announced by AtheroNova in January, subsequent Phase II trials could commence in the fourth quarter 2013.
AtheroNova's CEO Mr. Gardner had this to say about the shipment of Phase I drug product:
"We are delighted to have achieved shipment of AHRO-001 and are looking forward to the commencement of the Phase 1 human trials in June, another clear milestone for the Company. We are grateful for the work of our tablet formulator to complete the drug product in the necessary timeframe, and we truly look forward to the culmination of development of AHRO-001 as we transition to a clinical-stage enterprise. We look forward to announcing additional milestones as we make continued progress."
AHRO-001 is AtheroNova's first novel application for the treatment and prevention of atherosclerosis. Atherosclerotic plaque is the primary, underlying cause of heart disease and stroke in industrialized countries. AHRO-001 uses certain pharmacological compounds to regress atherosclerotic plaque deposits through a process known as delipidization. Delipidization dissolves plaques in artery walls, which are then removed by natural body processes. AtheroNova is developing, and seeks to eventually market AHRO-001, a product that has the potential to become a new standard of care for patients prone to atherosclerotic plaque accumulation.
For further details on AtheroNova, AHRO-001, and other products in the Company's pipeline, please refer to our latest Quarterly Update on the Company: available here.
"We are very excited to partner with a great organization like Crystal Research. With fewer sell-side firms capable and willing to provide research coverage for small and microcap stocks, we see tremendous value in independent research. After seeing Jeff and his team work with a few of our clients, we were extremely impressed with their diligent process and comprehensive reports. Forming this partnership allows us to leverage our collective strengths to help investors fully understand our client's stories and to increase investor and media awareness and interest in our client's companies."
Crystal Research Associates is pleased to announced that it has entered into a strategic partnership with MZ Group, the world's largest independent investor relations and corporate communications firm. The full press release is provided below.
SAN DIEGO, May 22, 2013 /PRNewswire/ -- MZ Group ("MZ"), the world's largest independent investor relations and corporate communications firm, today announced that it has entered a strategic partnership with Crystal Research Associates ("Crystal Research") to provide independent research coverage for MZ's clients. Both MZ and Crystal Research will make referrals for the other firm's services to its existing and new clients.
Ted Haberfield, President of MZ North America stated, "We are very excited to partner with a great organization like Crystal Research. With fewer sell-side firms capable and willing to provide research coverage for small and microcap stocks, we see tremendous value in independent research. After seeing Jeff and his team work with a few of our clients, we were extremely impressed with their diligent process and comprehensive reports. Forming this partnership allows us to leverage our collective strengths to help investors fully understand our client's stories and to increase investor and media awareness and interest in our client's companies."
About MZ Group
The MZ Group is a multinational company and the world's largest independent financial communication, corporate communications, IPO journey, market intelligence and applied technology for corporations. Founded in 1999, MZ focuses on innovation and personalized services, supported by its exclusive "one‐stop‐shop" business model. With offices in São Paulo, Chicago, Hong Kong, New York, Beijing, San Diego, Shanghai and Taipei, MZ has approximately 330 professionals who serve over 500 clients in 11 countries. For more information please visit www.mzgroup.us.
About Crystal Research Associates
Crystal Research Associates publishes and distributes objective, meticulously researched reports that enhance the visibility of innovative companies. Its reports, branded Executive Informational Overview® (EIOs), are written by a panel of veteran Wall Street analysts who recognize investors' desire to understand a business in a way that supports an educated investment decision. Its EIOs are devoid of investment ratings, target prices, and forward-looking financial models, and only contain hard-hitting, well-researched facts on companies, their fundamentals, and their industries—validating a company's prospects and enabling the reader to objectively evaluate its value. Its reports are distributed through Bloomberg, Thomson Reuters, Capital IQ, and scores of forums viewed by retail and institutional investors. For more information, please visit www.crystalra.com.
This morning we released our first Executive Informational Overview on Trio Resources, Inc. (TRII-OTC), a Canadian mineral exploration company that is also active in mineral processing. The report details Trio's business, exploration efforts, mineralized assets and process for monetizing these assets, important partnerships, management background, growth strategies, potential competition, and market opportunities, among many other factors that investors and stakeholders may find relevant.
Trio Resources, Inc. (“Trio” or “the Company”) is a Canadian exploration-stage and small-scale processing company focused on developing the current mineral potential of historically rich mining regions. The Company owns 100% of the 94-acre Duncan Kerr property located near the town of Cobalt, Ontario. Exploration to date has identified several areas of interest on the property, where geology is believed to be favorable for silver mineralization. Trio supports its development efforts through revenue generated by processing stockpiles of mineralized ore in the Company’s onsite mill—a capability that is atypical for a junior exploration company. The Duncan Kerr property hosts 1.3 million tons of aboveground mineralized inventory (concentrate, crushed ore, muck piles, etc.), which Trio has begun processing for its residual mineral content. The Company has a five-year off-take agreement with United Commodity AG (3UI1-Frankfurt)—calculated to have a minimum value of $30 million—to recover the mineralization present in Trio’s stockpiles.
The Duncan Kerr property is located in a region that is well known for its base and precious metal production. Past-producing mines at Duncan Kerr have mined in excess of 32 million ounces of silver, and one of North America’s richest silver veins ever explored was located on the property.
The Company’s plans for 2013 include 5,000 meters of diamond drilling and other exploration at the Duncan Kerr project as well as upgrading its existing mill capacity to be able to process up to 360 tons per day. Trio seeks to release an NI 43-101 resource valuation for its stockpiles by August 2013.
Trio has full rights and claims to the Duncan Kerr property, including the existing mineralized material, onsite mill, other structures and equipment, and all surface and mineral rights.
Trio’s management has expertise in business development for both public and private companies. Chief executive officer (CEO) J. Duncan Reid has over 30 years of senior leadership experience, with more than a decade in the mining industry.
In the quarter ended March 31, 2013, Trio generated revenues of $166,299—Trio’s first since its inception in 2012.
In April 2013, the Company announced that it expected revenue of $236,000 for the first shipment of its mineralized inventory to United Commodity, which occurred in February 2013. Semi-monthly shipments are commencing in the second quarter 2013, which are anticipated to generate up to $500,000 per month for Trio. Trio also presently seeks to raise $2.5 million to fund growth.
To read the full 60-page report, visit our website.
Continuing with our "earnings season highlights" coverage, LRAD Corp. (LRAD-NASDAQ) has reported its fiscal second quarter 2013 financials, which entail results for the Company’s three- and six-month period ended March 31, 2013.
In addition to the below discussion, detailed information from Crystal Research Associates about LRAD’s business, product lines, strategies, market opportunities, and competition is available here, and the Company’s SEC filings can be accessed here.
The Company’s Long Range Acoustic Device® (LRAD®) technology uses advanced sound reproduction technologies and novel acoustic materials to broadcast authoritative and highly intelligible instructions, warnings, alarms, and other sounds over several miles. LRAD® improves upon traditional speaker systems and megaphones by directing sound only where needed. Similar to a spotlight, which produces an intense beam of targeted light, each LRAD® system delivers a focused, directional audio broadcast. The beam width, frequency range, and maximum continuous output of LRAD® devices can be adjusted to target individuals, small groups, and large crowds at various ranges. LRAD Corp.’s versatile product portfolio has a range of applications, including public safety, law enforcement, homeland and international security, private and commercial security, maritime security, and wildlife and asset protection.
LRAD’s fiscal year ends September 30th, making the three months ended March 31st the Company’s second quarter. For the quarter, LRAD reported revenue from product sales, contracts, and other sources of $3.2 million, up from $2.4 million in the year-ago period. It is important to note that LRAD’s quarterly revenue is subject to fluctuations due to the budgetary cycles of its customer base, which largely consists of domestic and foreign government, military, law enforcement, and other agencies.
Similarly, LRAD’s revenues for the six-month period ended March 31, 2013, were $6.2 million versus $6 million for the first half of fiscal 2012.
For the second quarter fiscal 2013, LRAD reported a net loss of $459,000, or ($0.01) per share, versus a net loss of $292,000, or ($0.01) per share, for the second quarter fiscal 2012. For the first half of 2013, net loss was $560,000, or ($0.02) per share, versus a net income of $22,000, or $0 per share, for the six months ended March 31, 2012. For all terms, the increase in net loss to date in FY 2013 results from higher operating expenses due to increases in legal and other professional fees associated with a recent lawsuit and threatened proxy contest, non-cash share-based compensation expense, and research and development costs, partially offset by favorable commission expense, according to LRAD’s May 8, 2013, press release.
While LRAD has recently encountered economic and defense budget headwinds as a result of sequestration and spending uncertainty, the Company has worked to mitigate these effects by expanding its acoustic hailing device (AHD) markets, launching additional LRAD® systems, pursuing a pipeline of both domestic and international business opportunities, closely controlling its balance sheet and expenses, and moving into new headquarters with increased and improved manufacturing space, among other benefits. LRAD reports that it is starting to see funds being released for acoustic hailing device (AHD) military purchases in the U.S. and anticipates strong military and international sales for the second half of the fiscal year.
As of March 31, 2013, LRAD held cash and cash equivalents of $15.8 million.
Our second post on "earnings season highlights" focuses on technology company Neonode Inc.(NEON-NASDAQ), which last week reported quarterly financials for the three months ended March 31, 2013. (For the first in this blog series—coverage of PhotoMedex, Inc.’s first quarter earnings—click here.)
In addition to the below discussion, detailed information from Crystal Research Associates about Neonode’s business, product lines, strategies, market opportunities, and competition is available here, and the Company’s SEC filings can be accessed here.
New Technology for Your Touchscreen
Neonode is a developer of infrared, multi-sensing interfaces that make handheld, consumer, and industrial electronic devices touch sensitive. The Company’s touch technology platform is branded zForce®, upon which Neonode has developed a variety of features that sense any object—its size, its pressure on a surface, its depth, its velocity, and even its proximity to the surface. This feature set is called Neonode MultiSensing® touch technology, which represents a newer alternative to standard capacitive touch solutions (such as is used on the iPad®). To date, the Neonode MultiSensing® solution has been used on more than 10 million touch-enabled consumer devices worldwide, including in a Kindle Touch eReader from Amazon.com, Inc., the Nook eReader from Barnes & Noble, Inc., eReaders from Sony Corp., Kobo Inc., and several other manufacturers, and in the MEEP! tablet from Oregon Scientific Inc. The technology has also been licensed for a variety of other consumer electronics and automotive solutions, including to Alpine Electronics, Inc., BYD Co. Ltd., and One Laptop per Child, among other companies in the tablet PC, mobile phone, office equipment, and automotive sectors.
No Screen? No Problem!
The zForce® technology is display agnostic, indicating that it can be added to a variety of surfaces, including liquid-crystal display (LCD), electronic ink (e-ink), organic light-emitting diode (OLED), and electronic paper display (EPD). Accordingly, Neonode’s addressable market is considerable, comprising today’s touchscreen products as well as any product that may in the future be made touch sensitive. A visual display is not required; thus, zForce® is applicable to touchpads, keypads, door locks, appliances, industrial goods, and other items in addition to handheld consumer electronics.
Neonode operates via a technology licensing model where revenues are primarily generated through non-exclusive, royalty-based licenses to original equipment manufacturers (OEMs), original design manufacturers (ODMs), and component suppliers. In addition, the Company may offer engineering design services to its customers as well. For the first quarter 2013, Neonode reported net revenue from licenses and engineering design fees of $0.5 million, a considerable decline from the Company’s performance last year—when Neonode reported revenues of $1.2 million for the first quarter 2012.
Despite the Company’s recent decrease in revenue, Neonode appears to have been hard at work opening up future opportunities. As reported in the Company’s Form 10-Q filed on May 8th with the SEC, Neonode has signed 29 technology license agreements with global OEMs, including for many industries beyond the eReader sector. Of note, Neonode expects its customers to ramp-up production and sales of tablets, printers, and handsets in the second half of 2013, and some of the Company’s newest technology licenses signed in the first quarter 2013 are with major automotive brands. Subsequent to the quarter’s end, Neonode also signed an agreement to incorporate its MultiSensing® technology into certain ATM machines, and the Company believes that some of its key recent agreements in the PC space can lead to touch innovations for Windows® notebook PCs in the near future.
Future Technologies Are Driven by Today’s Product R&D
As Neonode seeks to open up additional sources of technology licensing revenue going forward, the Company has drastically increased its investments in research and development (R&D). Neonode reported product R&D for the first quarter 2013 of $1.6 million, up 138% over the first quarter 2012, when product R&D was only $0.7 million.
Likewise, the Company has continued its commitment to patenting its innovations, and has received three new patents in 2013. Neonode now holds 12 patents and 72 pending patent applications.
For the first quarter 2013, Neonode reported a net loss of $3.6 million, or ($0.11) per share, versus a net loss of $1.6 million, or ($0.05) per share, for the comparable quarter last year.
Quarterly earnings are in full swing and we are excited to present financial highlights for Pennsylvania-based PhotoMedex, Inc. (PHMD-NASDAQ), which were just reported for the three-month period ended March 31, 2013.
In addition to the below discussion, detailed information from Crystal Research Associates about PhotoMedex’s business, product lines, strategies, market opportunities, and competition is available here, and the Company’s SEC filings can be accessed here.
Over $57 Million in Quarterly Revenue
Global skin health company PhotoMedex has posted considerable growth since its 2011 merger with Radiancy Inc. First quarter 2013 revenue was up 14% over the companies’ first combined quarter in 2012. PhotoMedex reported quarterly revenue of $57.2 million for the period ended March 31, 2013, which included year-over-year gains in each of the following business segments: (1) consumer revenues from the innovative no!no!™ products, including increases in all consumer avenues (direct-to-consumer, global retail and home shopping, and through distributors); (2) sales and treatment revenues from the professional XTRAC® excimer laser; and (3) sales of the NEOVA® topical skin care line.
Highlights: Effective Corporate Strategies Drive Growth
Over the past year, PhotoMedex and Radiancy have executed an efficient merger, blending PhotoMedex’s expertise in physician sales and deep product line of capital equipment and topical formulations with Radiancy’s highly advanced consumer sales engine, creative marketing programs, and global distributor and retail network. Effectively leveraging these skills has been key to the Company’s growth thus far, and is expected to be a major driver of sales going forward as PhotoMedex continues to incorporate consumer marketing strategies into its professional (dermatologist- and aesthetician-targeted) sales.
As an example of this type of integration, in late 2012, PhotoMedex launched a nationwide education campaign targeted at U.S. consumers and physicians, with the intent of raising awareness of the Company’s XTRAC® tools to treat psoriasis and vitiligo patients. As part of the “Live Clear. Live Free.” Campaign, national direct-to-consumer radio and television advertising began airing in November 2012, supported by a direct mail campaign. A 24/7 call center staffed with clinical specialists provides insurance guidance, answers questions on XTRAC® therapy, and expedites appointments with physicians. In addition, the XTRAC® website,www.LiveXTRACClear.com, has been equipped with patient and physician resources, and new patient education materials were delivered to all 300 authorized XTRAC® practices nationwide. In addition to providing patients with key information about their skin diseases and treatment options, “Live Clear. Live Free.” seeks to drive awareness of XTRAC® care among a wider physician base beyond just dermatologists commonly treating psoriasis and vitiligo patients.
As a result of this push, PhotoMedex reported XTRAC® adjusted treatment revenues of $3.2 million for the first quarter 2013, an increase of 73% versus the first quarter 2012 and an increase of 22% sequentially (compared to the fourth quarter 2012). In addition, the Company’s installed base of XTRAC® machines increased by 51 placements during the quarter, for a total of 401 in the U.S.
Similarly, 2012 saw a tremendous sales and marketing effort from PhotoMedex for the consumer no!no!™ products, which included several one-day “beauty events” on home shopping TV channels that earned record revenue, a drive to place the no!no!™ products at nearly every Bed Bath and Beyond store in the U.S. as well as a number of other global retailers, Spanish-language advertisements in the U.S., and increased marketing of no!no!™ Men. To get more traction out of these expenditures, the Company worked to upsell no!no!™ customers at call centers on the NEOVA® skin care products as well, leading to increased sales of this line too.
For the first quarter 2013, PhotoMedex reported consumer revenues, led by the no!no!™ products, of $49 million, a 16% increase over the first quarter 2012.
Profitability Increasing and Solid Cash Position
For the first quarter 2013, PhotoMedex’s gross margins increased from 77.7% in the first quarter 2012 to 79.3%.
The Company reported a net income for the period of $7.2 million, or $0.34 per diluted share, versus $4.9 million, or $0.26 per diluted share, for the year-ago quarter.
As of March 31, 2013, PhotoMedex had cash and cash equivalents of $63.5 million, or $3.00 per diluted share.
We announced today that it we have issued an Executive Informational Overview (EIO) on eCharge Corp. The full 60-page report can be found here.
Cybersecurity software development firm, eCharge2 Corp. (“eC2” or “the Company”), is a closely held company focused on protecting confidential, proprietary, and personal data. In fall 2012, eC2 launched the first product from its Unbreakable Exchange Protocol™ (UXP™) platform under the SertintyONE™ brand. The UXP is an integrated, owner- and data-centric, self-aware cybersecurity platform which may begin generating revenues in the first half of 2013.
SertintyONE is designed to redefine the rules of traditional, yet outdated, firewall and data governance paradigms by improving data protection and workflow performance. The Company has a strategic alliance in place with technology provider Transformations Inc. and is working to establish additional partnerships. Through the alliance with Transformations, the UXP smart-data solution is currently available for employee and consumer confidential and critical communication workflows within the healthcare, finance, critical infrastructure, and other industries.
Five Key Reasons to Look at eCharge2
The Company believes that its cybersecurity software may alter the landscape for Identity and Access Management (IAM), Security Information and Event Management (SIEM), Data Loss Protection (DLP), Digital Rights Management (DRM), and Key Encryption Management—critical data-governance components of existing cybersecurity software. According to IBM Corp.’s estimates, security software and services is roughly a $94 billion market, expanding at a CAGR of nearly 12%. The IAM sector alone is estimated to be an $11 billion market with approximately 20% annual growth.
Factors fueling the need for improved cybersecurity protocols include a rapid expansion of mobile devices, use of social networks by enterprises, increasing privacy concerns in highly regulated industries (e.g., healthcare and finance), and a significant increase in organized, high-level cyberattacks.
The Company holds 29 issued and 25 pending patents worldwide, which protect its code and may be a source of future revenue.
The management team at eC2 is skilled in technology and software development, project finance, and bringing new brands into the commercial marketplace. Individuals come from leadership backgrounds at both private and public companies, including Oracle Corp., E. I. du Pont de Nemours and Co., Arthur Andersen LLP, Digital Equipment Corp., and Baxter Travenol Laboratories Inc., among other major enterprises.
As of March 2013, eC2 has raised over $18 million, which has largely been invested in product and technology development, intellectual property, and acquiring skilled management. The Company is currently seeking to raise an additional $25 million to fuel growth.
Yesterday, Crystal Research Associates published a 12-page Quarterly Update on MetaStat, Inc., a life sciences company developing next-generation diagnostic and therapeutic products for metastatic cancer. MetaStat is currently focused on three key initiatives within its pipeline: two diagnostic platforms (MetaSite™ Breast and MenaCalc™) as well as one therapeutic program (MenaBloc™). These candidates are overviewed on pages 5-8 of MetaStat's Quarterly Update.
MetaStat has achieved several key milestones in recent months as it continues to pursue its goals of bringing its first product candidate to market.
- In January 2013, MetaStat announced that it had completed a 500-patient confirmatory trial in breast cancer with MetaSite Breast. The Company expects data from this study to be released in mid-2013.
- MetaStat appointed David Epstein, Ph.D. as advisor for the Company’s drug discovery and development initiatives. Dr. Epstein has over 15 years of R&D experience in addition to leadership experience in both the pharmaceutical and biotech sectors. Dr. Epstein also joined MetaStat’s Board of Directors.
- The Company raised $1.3 million in gross proceeds during a private placement with accredited investors in early 2013.
MetaStat aims to achieve a number of milestones in the next 12 to 24 months for its three product candidates. With MetaSite Breast potentially entering the market in 2014, the Company is working to bolster its pipeline through the development of its two additional platforms.
Obtain results from a 500-patient large population validation study
Publish data from the validation study in leading scientific journal
Initiate one or more additional validation and chemotherapy benefit studies (cohorts identified)
Set up CLIA GLP-certified central laboratory
Commence initial pilot marketing
Initiate a large population validation study in breast cancer with metastatic risk as the primary endpoint
Perform a large-scale proof-of-concept study in prostate cancer
Execute a large-scale proof-of-concept study in adenocarcinoma of the lung
For additional information about the Company's technology platforms, news announcements, and stock information, as well as to download the 52-page Executive Informational Overview published on January 3, 2013, please see MetaStat's Corporate Profile.