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MONTREAL/CHARLOTTE - Milestone Pharmaceuticals Inc. (NASDAQ:MIST), currently trading at $2.56 and near its 52-week high of $2.75, announced today it has commenced an underwritten public offering of common shares and warrants to raise funds for its lead drug candidate etripamil. The company, with a market capitalization of approximately $170 million, has seen its stock surge nearly 70% over the past year according to InvestingPro data.
The offering includes common shares, accompanying Series A and Series B warrants to purchase common shares, and pre-funded warrants for certain investors. All securities in the offering will be sold by Milestone, according to a company press release.
Milestone intends to use the proceeds to fund clinical development and commercial launch of etripamil for paroxysmal supraventricular tachycardia (PSVT), as well as for working capital and general corporate purposes.
TD Cowen, Piper Sandler & Co. and Wells Fargo Securities are acting as joint book-running managers for the offering, while H.C. Wainwright & Co. is serving as lead manager.
The company noted that the offering is subject to market conditions, with no assurance regarding its completion or final terms.
Milestone recently submitted a New Drug Application to the U.S. Food and Drug Administration for etripamil for the treatment of PSVT, an abnormal heart rhythm condition.
The offering is being made pursuant to a shelf registration statement on Form S-3 that was declared effective by the SEC on November 22, 2024. A preliminary prospectus supplement related to the offering will be filed with the SEC.
Milestone Pharmaceuticals is a biopharmaceutical company focused on developing cardiovascular medicines for patients with certain heart conditions. For deeper insights into Milestone’s financial health and growth prospects, InvestingPro offers 12 additional investment tips and comprehensive financial metrics to help investors make informed decisions.
In other recent news, Milestone Pharmaceuticals has resubmitted its filing for the Cardamyst nasal spray after addressing issues raised by the FDA in a complete response letter earlier this year. The resubmission specifically tackled Chemistry, Manufacturing, and Controls concerns, including information on nitrosamine impurities and an inspection requirement at a testing facility. This follows a Type A meeting with the FDA, which Milestone described as productive. H.C. Wainwright maintained its buy rating on Milestone, noting no efficacy or safety concerns were highlighted by the FDA. The research firm estimates that Cardamyst could achieve peak sales exceeding $700 million if approved, given its potential to reduce emergency room visits for PSVT patients. The FDA is expected to decide on the acceptance of the resubmission within the next 30 days, with a review time ranging from two to six months. If approved, Cardamyst would be the first self-administered therapy for the rapid termination of PSVT episodes. The company has completed a Phase 3 clinical program for PSVT and a Phase 2 trial for atrial fibrillation with a rapid ventricular rate.
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