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Milestone Pharmaceuticals Reports Second Quarter 2021 Financial Results and Provides Clinical and Corporate Update
MONTREAL and CHARLOTTE, N.C., Aug. 11, 2021 /PRNewswire/ -- Milestone Pharmaceuticals Inc. (Nasdaq: MIST), a biopharmaceutical company focused on the
About this update from Milestone Pharmaceuticals Inc.
[{"type":"text","content":"MONTREAL and CHARLOTTE, N.C., Aug. 11, 2021 /PRNewswire/ -- Milestone Pharmaceuticals Inc. (Nasdaq: MIST), a biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines, today reported financial results for the second quarter ended June 30, 2021 and provided a clinical and corporate update.\n\"The second quarter of 2021 was marked by continued progress advancing our ongoing programs evaluating etripamil in patients with PSVT and AFib-RVR,\" said Joseph Oliveto, President and Chief Executive Officer of Milestone Pharmaceuticals. \"With respect to the Phase 3 RAPID trial of etripamil in patients with PSVT, we are encouraged by continued improvements in study enrollment rates. We look forward to building on this momentum in the coming quarters and remain on track to report topline data in the second half of 2022.\"\nMr. Oliveto added, \"Beyond PSVT, recent market research with cardiologists has strengthened our belief that etripamil has the potential to become a valuable treatment option for patients experiencing episodes of AFib-RVR.\" \nRecent Updates\nEntered Exclusive License Agreement with Ji Xing Pharmaceuticals to Develop and Commercialize Etripamil for PSVT in Greater China. In May 2021, the Company announced that it entered an exclusive license and collaboration agreement with Ji Xing Pharmaceuticals (Ji Xing), a biotechnology company headquartered in Shanghai and backed by RTW Investments, LP (RTW) focused on advancing innovative medicines in China, to develop and, if approved, commercialize the investigational drug etripamil in patients with paroxysmal supraventricular tachycardia (PSVT) and additional cardiovascular conditions in Greater China. In connection with the agreement, Milestone received an upfront cash payment consisting of $15 million and a $5 million equity investment by RTW Investments. In addition, the Company could receive up to $107.5 million in total development and sales milestone payments as well as tiered royalty payments on all products sold in the Greater China territory. Milestone will supply etripamil and delivery devices to Ji Xing. Ji Xing will be responsible for development and commercialization costs in Greater China.Company Remains on Track to Report Topline Data from Pivotal Phase 3 RAPID Trial in the Second Half of 2022. Enrollment cont...