Milestone Pharma slides on deep-discounted stock offering

Milestone Pharmaceuticals

29/02/2024 13:58

** Milestone Pharmaceuticals Inc's  MIST.O  shares down
24.4% at $1.61 before the bell as follow-on prices at steep
discount
    ** Co early Thurs announced selling 20 mln shares, including
~3.3 mln pre-funded warrants, at $1.50 for $30 mln gross raise
    ** Offering price represents 30% discount to stock's close
on Weds
    ** Co plans to use net offering proceeds to continue
development of its heart drug candidate, etripamil
    ** Shares on Mon closed up 24% at $2.11 after co said plans
to resubmit FDA application in Q2 2024 for etripamil
    ** Co has 33.48 mln shares outstanding for $71 mln market
cap
    ** MIST up 27.5% YTD through Weds, after shedding 58% in
2023
    ** Piper Sandler sole bookrunner for stock offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))