Milestone Pharmaceuticals Announces Proposed Public Offering of Common Shares and Pre-Funded Warrants

MONTREAL and CHARLOTTE, N.C., Feb. 28, 2024 (GLOBE NEWSWIRE) -- Milestone Pharmaceuticals Inc. (“Milestone”) (Nasdaq: MIST), a biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines, today announced that it has commenced an underwritten public offering (the “Offering”) of its common shares (the “Shares,”), and, in lieu of common shares to certain investors that so choose, pre-funded warrants to purchase common shares (“Pre-Funded Warrants” and, together with the Shares, the “Securities”). In addition, Milestone expects to grant the underwriters a 30-day option to purchase a number of additional common shares equal to 15% of the Securities offered in the Offering. All Securities to be sold in the Offering will be sold by the Company. The Offering is subject to market and other conditions and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.

Milestone intends to use the net proceeds from the Offering to continue the development of etripamil in its lead indication of paroxysmal supraventricular tachycardia (PSVT) and its subsequent indication of atrial fibrillation with rapid ventricular rate (AFib-RVR), as well as for working capital and other general corporate purposes.

Piper Sandler & Co. is acting as sole bookrunning manager for the Offering.

The Securities are being offered by Milestone pursuant to a shelf registration statement on Form S-3 (333-261049), including a base prospectus, that was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 2, 2022. The Offering is being made only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A preliminary prospectus supplement related to the Offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. A copy of the preliminary prospectus supplement and the accompanying prospectus relating to the Offering may be obtained, when available, from: Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, or by telephone at [phone], or by email at [e-mail].