Gold prices edge up amid Fed rate cut hopes; US-Russia talks awaited
Investing.com -- Milestone Pharmaceuticals Inc (NASDAQ:MIST) stock tumbled 30% after the company announced plans for an underwritten public offering of common shares and warrants.
The biopharmaceutical company said it will offer common shares, accompanying Series A and Series B warrants to purchase common shares, as well as pre-funded warrants with accompanying warrants for certain investors. All securities in the offering will be sold by Milestone (WA:MMD), though the company noted that the offering is subject to market conditions and there is no guarantee regarding its completion or terms.
Milestone plans to use the proceeds from the offering, combined with existing cash reserves, to fund clinical development and commercial launch of etripamil, its lead drug candidate for paroxysmal supraventricular tachycardia (PSVT). Additional funds will support working capital and general corporate purposes.
TD Cowen, Piper Sandler & Co. and Wells Fargo (NYSE:WFC) Securities are serving as joint book-running managers for the offering, with H.C. Wainwright & Co. acting as lead manager.
The stock’s sharp decline reflects typical market reaction to public offerings, which often lead to share dilution for existing stockholders.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.