Milestone Pharmaceuticals Secures $80 Million in Equity Financing to Advance Clinical Programs for Etripamil

Recently, VCBeat (WeChat official account: vcbeat) learned from foreign media reports that Canadian biopharmaceutical company Milestone Pharmaceuticals announced on October 25 (local time) the completion of an $80 million equity financing round. This financing was supported by both new and existing institutional investors. Eight existing investors from its Series C financing round in August 2017 participated consecutively in this round. New investors included RTW Investments, which led the financing, as well as participating institutions Venrock Healthcare Capital Partners (VHCP) and Boxer Capital.

Milestone Pharmaceuticals, founded in 2005, is a clinical-stage drug development company primarily focused on developing novel small-molecule therapies based on clinically validated mechanisms of action for cardiovascular diseases. At its inception, Milestone assembled an experienced core management team comprising leading pharmaceutical R&D executives with extensive expertise in cardiovascular clinical drug development, regulatory affairs, chemistry, manufacturing, and business operations.

Image source: Milestone Pharmaceuticals official website

The team proposed a small-molecule program based on clinical proof, which became the foundation of Milestone’s drug development pipeline. Currently, Milestone is focused on developing an investigational new drug designed to treat paroxysmal supraventricular tachycardia (PSVT) and other episodic conditions. This new drug, named etripamil, is a novel, short-acting calcium channel blocker. Administered as a nasal spray, it enables patients to self-administer the medication to terminate PSVT episodes anytime and anywhere.

Joseph Oliveto, President and Chief Executive Officer of Milestone, stated: “We are delighted to have the support of a growing number of leading biotechnology investors in helping us achieve our objectives. We aim to leverage clinical validation mechanisms to promote new drugs, thereby benefiting more patients.”

Roderick Wong, Executive Partner and Chief Investment Officer at RTW Investments, stated, “We are delighted to collaborate with the Milestone team. Together, we will strive to make etripamil the first outpatient treatment for patients with PSVT, which is undoubtedly welcome news for this patient population.”

The company stated that the proceeds from this financing will be used to support its ongoing Phase 3 clinical program and pre-launch commercial activities for the new drug etripamil. Additionally, the funds will be allocated to research on other cardiovascular indications within the company’s pipeline.

RTW Investments is a U.S.-based investment firm that primarily invests in healthcare companies, with a focus on technology platforms and disease areas. Built on in-depth research, it is committed to investing in innovative companies that deliver significant new products to patients and providing them with market opportunities.

Venrock Healthcare Capital Partners (VHCP) is a venture capital firm that specializes in investing in companies at the pre-IPO stage and private healthcare companies, while helping address various challenges encountered during their portfolio companies’ development.

Boxer Capital is a private investment firm founded in 2005 by the life sciences team of the Tavistock Group. The company primarily invests in biopharmaceutical development companies and leverages its internal expertise to generate superior returns for the founders and employees of its portfolio companies, as well as for investors in the Tavistock Group.