Milestone Pharmaceuticals Files for $86.25M IPO to Advance Etripamil, a Self-Administered Nasal Spray for Paroxysmal Supraventricular Tachycardia

VCBeat (WeChat ID: vcbeat) has learned that biopharmaceutical company Milestone Pharmaceuticals recently plans to conduct an initial public offering on the Nasdaq Stock Market under the ticker symbol “MIST,” aiming to raise $86.25 million.

Milestone Pharmaceuticals, established in 2005 and headquartered in Montreal, Quebec, Canada, is a biopharmaceutical company. For over a decade, the company has been dedicated to developing novel small-molecule drugs for patients with cardiovascular diseases. To date, it has completed four rounds of financing, raising a total of $165 million. Notably, in August 2017, the company closed a $55 million Series C financing round led by Novo Holdings; in October 2018, it completed an $80 million Series D financing round led by RTW Investments.

Milestone Pharmaceuticals’ lead candidate drug is Etripamil (MSP-2017), an antiarrhythmic agent indicated for the treatment of paroxysmal supraventricular tachycardia (PSVT). The company considers it a safer alternative to intravenous medications. Administered intranasally, the drug rapidly achieves systemic distribution to restore normal heart rate.

It is understood that during an episode of paroxysmal supraventricular tachycardia (PSVT), the heart rate exceeds 200 beats per minute, accompanied by symptoms such as chest pain, shortness of breath, dizziness, and fatigue. PSVT episodes occur unpredictably; even healthy individuals may experience sudden onset. The frequency and severity of episodes vary among individuals, lasting from a few minutes to several hours. Although this condition is not life-threatening, it significantly impairs patients' quality of life, causing anxiety, fear, and exhaustion due to the uncertainty surrounding the timing of episodes.

Treatment for PSVT is categorized into emergency management during acute episodes and chronic pharmacological therapy. Currently, the standard emergency approach involves hospital-based intravenous administration of adenosine or verapamil. However, intravenous drug administration may cause adverse effects such as transient asystole, chest tightness, and dyspnea. In contrast, etripamil nasal spray offers a favorable safety profile, rapid onset of action, and short duration of effect. In the event of sudden PSVT onset, patients can self-administer this medication anytime and anywhere, eliminating the need for hospital visits.

The Phase 2 clinical trial of etripamil has been completed, demonstrating superior efficacy compared with placebo in rapidly reversing PSVT. Milestone Pharmaceuticals is currently conducting Phase 3 clinical trials. If approved, etripamil would become the only patient-administered medication for the rapid reversal of paroxysmal supraventricular tachycardia (PSVT). Additionally, the company aims to further develop etripamil to treat a broader range of cardiovascular conditions, such as atrial fibrillation and stable angina.

It is reported that the number of patients with PSVT in the United States is approximately 1.7 million annually, with over 600,000 medical insurance claims filed each year due to PSVT. According to the Global PSVT Market Research Report published by Market Research Future, the PSVT market will grow at a compound annual growth rate (CAGR) of 6.5% from 2017 to 2023.

(Compiled by Jiao Yanli)