There’s a new pharma investment on the Street.
Milestone Pharmaceuticals Inc. will issue 5 million shares on the Nasdaq under ticker MIST, according to the firm’s S-1 filing. Priced between $14 and $16, the offering represents 21.6 percent of outstanding shares and is expected to bring in about $92 million.
The lead underwriters include Jefferies, Cowen and Piper Jaffray.
The company qualifies as an emerging growth company under the U.S. JOBS Act, which exempts management from certain SEC disclosure requirements.
The clinical-stage biotech company develops and commercializes etripamil for cardiovascular indications.
The nasal spray candidate is in Phase 3 studies for paroxysmal supraventricular tachycardia and is expected to yield top-line results in the first half of 2020. The company estimates about 2 million Americans experience the condition and that it caused a record 600,000 related health care claims per year.
Etripamil will enter Phase 2 trials for atrial fibrillation in the back half of 2019, and studies will begin for angina in 2020.
In 2018, Milestone reported net loss of $23.19 million against the previous year’s $8.09 million. It has not yet generated revenue.
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