MONTREAL and CHARLOTTE, N.C. - Milestone Pharmaceuticals Inc . (NASDAQ:MIST), a company specializing in the development of cardiovascular medicines, announced today the initiation of an underwritten public offering of its common shares and pre-funded warrants.
The company will also offer underwriters a 30-day option to buy additional shares amounting to 15% of the securities sold in the offering.
The proceeds from this offering are earmarked for the advancement of etripamil, Milestone’s leading drug candidate for the treatment of paroxysmal supraventricular tachycardia (PSVT) and atrial fibrillation with rapid ventricular rate (AFib-RVR). Additional funds will be directed towards working capital and other corporate purposes.
Milestone’s offering is contingent on market conditions, and there are no guarantees regarding the completion, size, or terms of the offering. Piper Sandler & Co. is the sole bookrunning manager for the event.
The securities are offered under a previously declared effective shelf registration statement by the U.S. Securities and Exchange Commission (SEC) on February 2, 2022. Details of the offering will be available in a prospectus supplement filed with the SEC.
Recently, Milestone submitted a New Drug Application (NDA) to the FDA for etripamil as a treatment for PSVT. However, the company’s statements about the offering and the drug's development are forward-looking and subject to risks, including interactions with the FDA and the regulatory approval process.
The success of the NDA for etripamil, the timing of clinical trials, and the drug's efficacy and safety for PSVT or other indications are uncertain. Milestone's financial position and ability to raise additional capital, especially in the current economic climate affected by inflation concerns and geopolitical tensions, also pose significant risks.
This announcement is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.