How does the "evolve your mutant" work?

Well, Mutation Mode is coming on wednesday I think and on the homepage it said for mutation mode you can "evolve your mutant" How does this really work? Im thinking you get the right amount of exp then your guy turns from a slug (1st form) to a Beserker (2nd form) and so on..
Am i right? If not then please tell me how this works..
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