Milestone Pharmaceuticals Closes $17 Million Series B Financing

Milestone Pharmaceuticals Inc., a clinical stage cardiovascular company in Phase 2, has closed a $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, 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’s Debra 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, 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.”

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.