Milestone prices $52.5M common shares offering at $1.50 per share

Milestone Pharmaceuticals (MIST) announced the pricing of its previously announced underwritten public offering of (i) 31.5M of its common shares, accompanying Series A common warrants to purchase an aggregate of 31.5M common shares and accompanying Series B common warrants to purchase an aggregate of 31.5M common shares , at a combined public offering price of $1.50 per share and accompanying Series A Common Warrant and Series B Common Warrant and (ii) in lieu of common shares to certain investors that so choose, pre-funded warrants to purchase 3.5M common shares, accompanying Series A Common Warrants to purchase an aggregate of 3.5M common shares and accompanying Series B Common Warrants to purchase an aggregate of 3.5M common shares, at a combined public offering price of $1.499 per pre-funded warrant and accompanying Series A Common Warrant and Series B Common Warrant, which represents the combined public offering price for the Shares and accompanying common warrants less the $0.001 per share exercise price for each such pre-funded warrant. The proceeds to Milestone from the offering, before deducting underwriting commissions and offering expenses payable by Milestone, are expected to be approximately $52.5M. The offering is expected to close on or about July 14, subject to satisfaction of customary closing conditions. Milestone intends to use the net proceeds from the offering together with existing cash and cash equivalents, to fund the clinical development and commercial launch of etripamil in its lead indication of paroxysmal supraventricular tachycardia, as well as for working capital and other general corporate purposes. TD Cowen, Piper Sandler & Co. and Wells Fargo Securities are acting as joint book-running managers for the offering. H.C. Wainwright & Co. is acting as lead manager for the offering.