MetaStat Inc (OTCMKTS:MTST) and Celgene Corporation (“Celgene”) entered into an amendment (the “Amendment”) to a previously executed pilot materials transfer agreement (the “Research Agreement”), to conduct a mutually agreed upon pilot research project (the “Pilot Project”). The Amendment provides for milestone payments to the Company of up to $973,482. Under the terms of the Research Agreement, Celgene will provide certain proprietary materials to MetaStat and MetaStat will evaluate Celgene’s proprietary materials in the Company’s metastatic cell line and animal nonclinical models. The milestone schedule calls for Celgene to pay the Company $486,741 upon execution of the Amendment and the balance in accordance with the completion of three (3) milestones to Celgene’s reasonable satisfaction. The term of the Research Agreement is one (1) year, unless extended by the parties. Either party may terminate the Research Agreement with thirty (30) days prior written notice.
The foregoing description of the Research Agreement and the Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of (i) the Research Agreement filed as Exhibit 10.1 hereto and (ii) the Amendment filed as Exhibit 10.2 hereto.
