Stock Alert: Milestone Pharma Spikes On Etripamil Update; $25 Mln Private Placement

(RTTNews) - Shares of Milestone Pharmaceuticals Inc. (MIST) are surging more than 148 percent or $4.96 in Thursday's morning trade at $8.30.

Thursday, Canada-based Milestone Pharmaceuticals said that following recent interactions with the U.S. Food and Drug Administration or FDA, the agency has agreed that the biopharmaceutical company's recently completed NODE-301 and ongoing NODE-301B studies can be used as two efficacy studies supporting a future New Drug Application or NDA submission for etripamil in PSVT.

Etripamil nasal spray is the company's investigational novel short-acting calcium channel blocker for patients with paroxysmal supraventricular tachycardia or PSVT.

Milestone Pharma also said it has entered into a securities purchase agreement with affiliates of an existing shareholder, RTW Investments, LP, for a $25 million private placement that is expected to close on or about July 24, 2020.

Milestone Pharma expects to use the proceeds from the private placement for general corporate purposes, research and development, business development, working capital and general and administrative expenses.

Milestone Pharma has traded in a range of $1.69 to $24.01 in the past 52 weeks.