Milestone Pharmaceuticals Inc. (NASDAQ:MIST) has acquired a $25 million private placement with affiliates of an existing shareholder, RTW Investments, LP. This was accomplished through a securities purchase agreement and the sale of pre-funded warrants, which acquired aggregate 6,655,131 common shares with a price of $3.7465 per pre-funded warrant. However, the agreement is not concluded yet until it has fulfilled the customary closing conditions.
For many decades, the biopharma has been putting an unwavering focus on the development of treatments for episodic cardiovascular conditions. The primary treatment has been etripamil, an investigational product designed to offer rapid response therapy to paroxysmal supraventricular tachycardia (PSVT).
Highlighting the Unique Pharmacology of Etripamil
People with PSVT suffer from unexpected episodes of rapid heart rate, and unfortunately, they start and stop without warning. According to statistics, there are about 300,000 new diagnoses of PSVT each year in the United States. This is in addition to over 600,000 healthcare claims emanating from casual hospital visits and admissions. Thus, hundreds of patients are taking daily oral medications, which include beta-blockers.
Nonetheless, Milestone says, they are on the right path to having the etripamil approved as a potential treatment for the PSVT condition. The oral spray will not undergo the new Phase 3 study following the FDA’s approval to eliminate it.
“The FDA agreed with our plan to modify the ongoing NODE-301B study, now known as the RAPID study… will serve to fulfill the efficacy requirements for a New Drug Application (NDA) for etripamil in PSVT,” the company’s CEO Joseph Oliveto reported.
They are confident that the current qualities of etripamil will make a better option for treatment compared to what the market is offering today as standards of care.
Milestone Uses Proven Mechanisms and Approaches to Meet the Unmet Needs
The interesting thing about Milestones is that it does not have to spend millions of dollars to develop novel treatment solutions. The biopharma says it applies lean and cost-efficient approaches, which end up minimizing its overheads.
Besides, it has also taken control of its expertise over the years in clinical drug development and manufacturing with the patients in mind. On many occasions, it has collaborated with groups and organizations which resonate with its dedication.