Milestone Pharmaceuticals completes US$94.9M initial public offering
On May 13, 2019, Milestone Pharmaceuticals completed its previously announced initial public offering ("IPO") of 5,500,000 common shares through a syndicate of underwriters at a price of US$15.00 per share for gross proceeds of approximately US$82.5 million. On May 14, 2019, Milestone announced the underwriters had fully exercised their option to purchase an additional 825,000 shares at a price of US$15.00 per share for additional gross proceeds of approximately US$12.4 million, bringing the total proceeds from the offering to approximately US$94.9 million. Milestone began trading on the Nasdaq Global Select Market ("NASDAQ") under the ticker NASDAQ:MIST on the same day as the closing of the IPO.
Milestone intends to use the proceeds from the offering to fund clinical trials as well as for pre-commercialization activities, research and development activities, working capital and general corporate purposes.
The underwriters included Jefferies LLC and Cowen and Company LLC, as joint bookrunning managers, and Oppenheimer & Co. Inc., as lead manager.
Headquartered in Montreal, Milestone is a Phase 3 clinical-stage biopharmaceutical company dedicated to developing and commercializing the investigational new drug etripamil for the treatment of cardiovascular indications.
McCarthy Tétrault LLP advised the underwriters, as Canadian counsel, with a team led by Andrew Parker and Charles-Antoine Soulière that included Vincent Laurin (Business) and Marie-Soleil Landry and Quentin Lageix (Tax).
