The round, which was led by Perceptive Advisors, is slated to bring in approximately $2.1 million, according to the Boston-based company.
The private placement consisted of an aggregate of 690,816 shares of common stock and 196,216 shares of convertible preferred stock, which are convertible into 1,962,164 shares of common stock.
In connection with the offering, the company adjusted the exercise price of 474,829 outstanding common stock purchase warrants from $3.00 apiece to $2.00 per share.
MetaStat has until the end of July to finish the private placement.
The biotech is developing a personalized therapeutics and diagnostic treatment solutions for patients with cancer. The company said its diagnostic biomarkers can also act as novel therapeutics targets for anti-metastatic drugs.