---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-039764"
form_type: "8-K"
ticker: "MIST"
cik: "0001408443"
company_name: "Milestone Pharmaceuticals Inc."
filed_at: "2023-03-31T23:59:59+00:00"
generated_at: "2026-06-17T07:43:28.577233+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Milestone Pharma raises $50M in convertible notes and $75M contingent royalty sale

## Summary
- Issued $50M principal of 6.0% Convertible Senior Notes due 2029 to RTW Investments.
- Notes convertible at ~$5.23 per share (191.0548 shares per $1,000 principal).
- Interest payable quarterly; PIK option for first 3 years; secured by substantially all assets.
- Royalty Purchase Agreement: RTW to pay $75M for tiered royalties on U.S. etripamil sales post-FDA approval.
- Proceeds support development of etripamil; notes mature March 31, 2029.

## SEC filing metadata
- accession: 0001104659-23-039764
- form_type: 8-K
- ticker: MIST
- cik: 0001408443
- company_name: Milestone Pharmaceuticals Inc.
- filed_at: 2023-03-31T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1408443/000110465923039764/0001104659-23-039764-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1408443/000110465923039764/tm2311047d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-039764
- JSON: https://secwatch.observer/filing/0001104659-23-039764.json
- Plain text: https://secwatch.observer/filing/0001104659-23-039764.txt

## Key facts
- Debt Financings
  Milestone Pharmaceuticals Inc. incurred senior notes of $50 million principal amount with RTW Investments, LP and certain of its affiliates at 6.0% maturing March 31, 2029.
  - Instrument: senior notes
  - Principal: $50 million principal amount
  - Counterparty: RTW Investments, LP and certain of its affiliates
  - Rate: 6.0%
  - Maturity: March 31, 2029
  - Event: incurrence
  source text: On March 29, 2023, the Company closed the transaction contemplated by the Note Purchase Agreement and issued and sold the $50 million principal amount of 6.0% Convertible Senior Notes due 2029
  evidence_url: https://www.sec.gov/Archives/edgar/data/1408443/000110465923039764/0001104659-23-039764-index.htm
- Debt Financings
  Milestone Pharmaceuticals Inc. incurred debt of $75.0 million with RTW Investments, LP and certain of its affiliates at tiered quarterly royalty payments.
  - Principal: $75.0 million
  - Counterparty: RTW Investments, LP and certain of its affiliates
  - Rate: tiered quarterly royalty payments
  - Event: incurrence
  source text: nd a Note Purchase Agreement (the “Note Purchase Agreement”) with RTW Investments, LP and certain of its affiliates (collectively, “RTW”). Royalty Purchase Agreement Pursuant to the Royalty Purchase Agreement, RTW
  evidence_url: https://www.sec.gov/Archives/edgar/data/1408443/000110465923039764/0001104659-23-039764-index.htm

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