Milestone Pharma gains on $125 million funding agreement

Milestone Pharmaceuticals

28/03/2023 19:57

** Shares of drug developer Milestone Pharmaceuticals Inc
 MIST.O  rise ~12% to $4.03
    ** Company says it has entered into a $125 mln strategic
funding agreement with existing shareholder RTW Investments and
its certain affiliates
    ** Proceeds from the financing, together with year-end cash
resources, expected to fund operations into mid-2025, including
potential approval and launch of heart disease drug etripamil -
MIST
    ** Etripamil is being studied as a treatment for patients
with paroxysmal supraventricular tachycardia, a condition
characterized by abnormally rapid heart rhythms 
    ** Shares have lost ~52% in the past six months

 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com))