---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-037370"
form_type: "8-K"
ticker: "MIST"
cik: "0001408443"
company_name: "Milestone Pharmaceuticals Inc."
filed_at: "2023-03-28T23:59:59+00:00"
generated_at: "2026-06-17T12:30:59.472292+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0001104659-23-037370
- form_type: 8-K
- ticker: MIST
- cik: 0001408443
- company_name: Milestone Pharmaceuticals Inc.
- filed_at: 2023-03-28T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1408443/000110465923037370/0001104659-23-037370-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1408443/000110465923037370/tm2310615d2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-037370
- JSON: https://secwatch.observer/filing/0001104659-23-037370.json
- Plain text: https://secwatch.observer/filing/0001104659-23-037370.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1408443/000110465923037370/0001104659-23-037370-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1408443/000110465923037370/0001104659-23-037370-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.