Milestone Pharmaceuticals Raises $48.7M in Public Offering to Fund Cardiovascular Treatments

Milestone Pharmaceuticals has announced a public offering of $48.7 million to support the clinical development and commercial launch of etripamil for PSVT. The company expects to use the proceeds for general corporate purposes, potentially enhancing its market positioning in cardiovascular treatments. Analysts have rated the stock as a Buy with a $9.00 price target.

Milestone Pharmaceuticals Inc. (Nasdaq: MIST) has announced a public offering of $48.7 million to fund the clinical development and commercial launch of etripamil for paroxysmal supraventricular tachycardia (PSVT). The company expects to use the proceeds for general corporate purposes, potentially enhancing its market positioning in cardiovascular treatments.

The offering includes 31,500,000 common shares and 3,502,335 pre-funded warrants, with a combined public offering price of $1.50 per common share unit and $1.499 per pre-funded warrant unit. The net proceeds are expected to be approximately $48.7 million after offering expenses [3].

Analysts have rated the stock as a Buy with a $9.00 price target [2]. The stock currently trades at $1.715, representing a 32.9435% decrease from its prior closing price of $1.56 [2].

Milestone Pharmaceuticals is a biopharmaceutical company developing and commercializing innovative cardiovascular medicines. The company recently submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for etripamil for the treatment of an abnormal heart rhythm, paroxysmal supraventricular tachycardia (PSVT) [1].

The FDA issued a Complete Response Letter in March 2025, citing Current Good Manufacturing Practice (CMC) issues. Milestone submitted a response that was accepted on July 11, 2025, setting a new Prescription Drug User Fee Act (PDUFA) action date of December 13, 2025 [3]. Approval before December 31, 2025, would also trigger a $75 million royalty monetization from RTW Investments [3].

Milestone Pharmaceuticals expects to use the net proceeds from the Offering, together with existing cash and cash equivalents, to fund the clinical development and commercial launch of etripamil in its lead indication of paroxysmal supraventricular tachycardia (PSVT), as well as for working capital and other general corporate purposes [1].

The securities described above are being offered by Milestone pursuant to a shelf registration statement on Form S-3 (File No. 333-283162), including a base prospectus, that was declared effective by the U.S. Securities and Exchange Commission (SEC) on November 22, 2024. The Offering is being made only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement [1].

References:
[1] https://investors.milestonepharma.com/news-releases/news-release-details/milestone-pharmaceuticals-announces-proposed-public-offering-1
[2] https://www.nasdaq.com/articles/milestone-pharmaceuticals-launches-public-offering-support-etripamil-development
[3] https://www.stocktitan.net/sec-filings/MIST/424b5-milestone-pharmaceuticals-inc-prospectus-supplement-debt-securi-ea1899e61331.html