Milestone Pharmaceuticals Closes US$17 Million Series B Financing to Complete Phase 2 Clinical Studies for MSP-2017

MONTREAL, Milestone Pharmaceuticals Inc., a clinical stage cardiovascular company in Phase 2, today announced the close of a US$17 million Series B financing. The round was led by Domain Associates and included participation from all of Milestone's existing investors including Fonds de solidarité FTQ (FSTQ), Pappas Ventures, BDC Capital, GO Capital, and iNovia Capital. The funding will be used to complete Phase 2 clinical development of MSP-2017. In connection with this financing, Domain'sDebra Liebert will join Milestone's board of directors.

"We are excited to have a premier life sciences investor such as Domain join Milestone," said Philippe Douville, Chief Executive Officer of Milestone. "We've made great progress since our Series A financing with advances on nasal formulations resulting in novel IP, completion of preclinical work, positive Phase 1 results, and filing of an IND. I look forward to working with Debra on the board as we continue development of MSP-2017 in Phase 2."

About MSP-2017

MSP-2017 is a novel and potent short-acting calcium channel antagonist for the treatment of Paroxysmal Supraventricular Tachycardia (PSVT), a potentially debilitating cardiac arrhythmia. The product is being developed as a patient self-administered intranasal spray to terminate PSVT at the onset of episodes and is currently in Phase 2. Successful Phase 1 results demonstrated that MSP-2017 has a rapid onset and reaches pharmacologically relevant plasma levels within 5 minutes of administration. MSP-2017 is designed to be short-acting and metabolized quickly after resolution of the PSVT episode. MSP-2017 will improve patients' quality of life by allowing them to terminate their PSVT episodes at home and avoid ER visits.

MSP-2017 is intended to address a significant unmet medical need due to the lack of convenient, rapidly efficacious and safe self-administered products for the treatment of PSVT episodes in the home setting.

About Paroxysmal Supraventricular Tachycardia (PSVT)

PSVT is a condition that afflicts 1.7 million people and results in over 600,000 healthcare claims in the US alone per year. During an incident, patients may feel palpitations while heart rate increases dramatically and can exceed 200 beats per minute. Although the condition is not life threatening, it causes great concern on the part of the patient and generally results in an emergency trip to the hospital. In the emergency room, the patient is usually administered intravenous drugs and watched until symptoms disappear. The company is developing a new drug that the patient can administer through a pocket sized nasal delivery device. The goal is to provide immediate relief and obviate the necessity for expensive and concerning hospital visits.

Source:  Milestone Pharmaceuticals Inc.