Venture-backed Milestone prices Nasdaq IPO to raise $111 mln

Photo courtesy of lucky-photographer/iStock/Getty Images

Montréal-based cardiovascular drug maker Milestone Pharmaceuticals Inc has priced its Nasdaq Stock Market initial public offering of 5.5 million common shares at US$15 per unit.

The company expects to see proceeds of about $111 million (US$82.5 million).

Milestone’s shares are expected to begin trading today under the ticker symbol MIST.

Founded in 2005, Milestone is the developer of etripamil, a nasal spray formulation of calcium channel blockers used to terminate episodes of transient cardiovascular conditions.

Milestone raised roughly $220 million in financing. This includes $105 million raised last year, led by RTW Investments and joined by BDC CapitalDomain AssociatesFonds de solidarité FTQ, ForbionGO Capital, Novo HoldingsPappas CapitalTavistock GroupTekla Capital Management and Venrock.


Milestone Pharmaceuticals Announces Pricing of Upsized Initial Public Offering

MONTREAL and CHARLOTTE, N.C., May 8, 2019 /CNW/ — Milestone Pharmaceuticals Inc. (Nasdaq: MIST), a Phase 3 clinical-stage biopharmaceutical company dedicated to developing and commercializing etripamil for the treatment of cardiovascular indications, today announced the pricing of its upsized initial public offering of 5,500,000 of its common shares at a public offering price of $15.00 per share. The gross proceeds to Milestone, before deducting underwriting discounts, commissions and offering expenses, are expected to be approximately $82.5 million. All of the common shares are being offered by Milestone. In addition, Milestone has granted certain of the underwriters a 30-day option to purchase up to 825,000 additional common shares at the initial public offering price, less the underwriting discounts and commissions.

Milestone’s common shares are expected to begin trading on the Nasdaq Global Select Market on May 9, 2019 under the ticker symbol “MIST.” The offering is expected to close on May 13, 2019, subject to customary closing conditions.

Jefferies LLC, Cowen and Company, LLC, and Piper Jaffray & Co. are acting as joint book-running managers for the offering. Oppenheimer & Co. Inc. is acting as lead manager for the offering.

A registration statement relating to the common shares being sold in this offering has been filed with the U.S. Securities and Exchange Commission and was declared effective on May 8, 2019. The offering of these shares is being made only by means of a prospectus forming part of the effective registration statement relating to these shares. Copies of the final prospectus, when available, may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821-7388, or by e-mail at, or from Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, by telephone at 631-592-5973 or by email at, or from Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, Suite 800, Minneapolis, MN 55402, by telephone at (800) 747-3924 or by email at

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of Milestone’s common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

About Milestone Pharmaceuticals

Milestone, headquartered in Montreal, Canada with a U.S. subsidiary in Charlotte, N.C., is a Phase 3 clinical-stage biopharmaceutical company dedicated to developing and commercializing the investigational new drug etripamil for the treatment of cardiovascular indications. Etripamil is a novel, potent and short-acting calcium channel blocker designed by Milestone and being developed as a rapid-onset nasal spray to be administered by the patient to terminate episodes of PSVT as they occur.


David Pitts
Argot Partners