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Milestone Pharmaceuticals Announces $125 Million Strategic Financing with RTW Investments to Support the Advancement of Etripamil for PSVT
- Proceeds from strategic financing together with year-end cash resources expected to fund operations into mid-2025 including etripamil NDA submission and
About this update from Milestone Pharmaceuticals Inc.
[{"type":"text","content":"- Proceeds from strategic financing together with year-end cash resources expected to fund operations into mid-2025 including etripamil NDA submission and launch in PSVT\n- The combination of etripamil's strong clinical results with this strategic financing lays the foundation to deliver a therapy that empowers patients to treat supraventricular tachycardia attacks outside the emergency department\nMONTREAL and CHARLOTTE, N.C., March 28, 2023 /PRNewswire/ -- Milestone Pharmaceuticals Inc. (Nasdaq: MIST), a biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines, today announced that it has entered into a $125 million strategic funding agreement with existing shareholder, RTW Investments, LP and certain of its affiliates (\"RTW\"). Proceeds from this tailored financing, together with $64.6 million of cash, cash equivalents and short-term investments as of December 31, 2022, are expected to fund Milestone's operations into the middle of 2025, including the potential approval and launch of etripamil. Etripamil is the Company's investigational calcium channel blocker envisioned to empower patients with paroxysmal supraventricular tachycardia (PSVT) to treat their attacks outside of the emergency department.\nThe strategic financing was anchored by RTW's purchase of $50 million in convertible notes, as well as a commitment of $75 million in non-dilutive royalty funding, which, together, the Company expects will support the NDA submission and subsequent launch of etripamil for patients with PSVT. If approved, etripamil is intended to give health care providers a new tool to enable patient self-management. Etripamil has the potential to provide the patient with a greater sense of control over their PSVT, a condition marked by highly symptomatic, unpredictable, and burdensome episodes of cardiac arrhythmia. The Company plans to submit a New Drug Application to the U.S. Food and Drug Administration in the third quarter of 2023.\n\"Etripamil has demonstrated strong potential to offer patients a meaningful intervention for the treatment of PSVT outside of the costly and inconvenient acute-care setting and we are highly encouraged by the results of the Phase 3 RAPID study in October 2022,\" said Roderick Wong, MD, Managing Partner and Chief Investment Officer of RTW Investments, LP. ...