Milestone Pharmaceuticals Announces Pricing of $30.0 Million Public Offering of Common Shares and Pre-Funded Warrants

MONTREAL and CHARLOTTE, N.C., Feb. 29, 2024 (GLOBE NEWSWIRE) -- Milestone Pharmaceuticals Inc. (“Milestone”) (Nasdaq: MIST), a biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines, today announced the pricing of its previously announced underwritten public offering (the “Offering”) of (i) 16,666,667 of its common shares (the “Shares”) at a public offering price of $1.50 per share and (ii) in lieu of common shares, pre-funded warrants to purchase 3,333,333 common shares at a public offering price of $1.49 per pre-funded warrant, which represents the per share public offering price for the Shares less the $0.001 per share exercise price for each such pre-funded warrant (“Pre-Funded Warrants” and, together with the Shares the “Securities”). The proceeds to Milestone from the Offering, before deducting underwriting commissions and offering expenses payable by Milestone, are expected to be approximately $30.0 million. In addition, Milestone has granted the underwriters a 30-day option to purchase up to an additional 3,000,000 common shares at the public offering price, less underwriting commissions. The Offering is expected to close on or about March 4, 2024, subject to satisfaction of customary closing conditions.

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. H.C. Wainwright & Co. is acting as lead 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. A preliminary prospectus supplement and accompanying prospectus relating to the Offering were filed with the SEC and are available on the SEC’s website located at www.sec.gov. A final prospectus supplement relating to the Offering will be filed with the SEC. A copy of the final 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].