Milestone Pharmaceuticals secures $125M financing from RTW for etripamil PSVT program

Milestone Pharmaceuticals Inc.

$50M in 6.0% convertible senior notes due 2029, convertible at $5.23/share (50% premium over VWAP).
$75M non-dilutive synthetic royalty commitment on US net sales of etripamil, subject to FDA approval.
Combined with $64.6M year-end cash, expected to fund operations into mid-2025 including NDA submission and PSVT launch.
NDA submission for etripamil in paroxysmal supraventricular tachycardia planned for Q3 2023.
RTW receives tiered royalty rates (high to low single digits) based on annual sales thresholds; rate steps up if thresholds missed.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Milestone Pharmaceuticals Inc. entered into Note Purchase Agreement with RTW Investments, LP and certain of its affiliates valued at $50 million principal amount of 6.0% Convertible Senior Notes due 2029 (effective 2023-03-27).

Action: entry
Agreement: notes offering
Counterparty: RTW Investments, LP and certain of its affiliates
Value: $50 million principal amount of 6.0% Convertible Senior Notes due 2029
Effective: 2023-03-27

Exact text from the filing

Pursuant to the Note Purchase Agreement, we will issue and sell $50 million principal amount of 6.0% Convertible Senior Notes due 2029 (the “2029 Convertible Notes”) to the holders, which is expected to close on March 29, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Milestone Pharmaceuticals Inc. entered into Royalty Purchase Agreement with RTW Investments, LP and certain of its affiliates valued at $75.0 million (effective 2023-03-27).

Action: entry
Agreement: asset purchase
Counterparty: RTW Investments, LP and certain of its affiliates
Value: $75.0 million
Effective: 2023-03-27

Exact text from the filing

On March 27, 2023, Milestone Pharmaceuticals Inc. (the “Company”) entered into a Purchase and Sale Agreement (the “Royalty Purchase Agreement”) and a Note Purchase Agreement (the “Note Purchase Agreement”) with RTW Investments, LP and certain of its affiliates (collectively, “RTW”).

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152 material agreements filed in the last 30 days. Browse all material agreements →

Milestone Pharmaceuticals Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-037370

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